A 50-year-old businessman lost RM1.25 million in a clone investment scam using fake apps and corporate mule accounts, warns CCID
KUALA LUMPUR: A businessman has lost RM1.25 million to a clone investment scam that used corporate bank accounts as mule accounts.
The Commercial Crime Investigation Department (CCID) said the 50-year-old victim joined the ‘JMC Capital Club’ scheme after seeing a Facebook advertisement.
He was added to a WhatsApp group and instructed to download a fraudulent investment application called TRADEJMC.
The app displayed paper profits of up to RM16.7 million, which prompted the victim to make 23 bank transfers.
“Influenced by the displayed profits, the victim made 23 transfers totalling RM1.25 million into several third-party bank accounts between October and December 2025,” the department stated.
The funds were sent to accounts registered under JMC M Trading Venture, JMC Top Trading, JCG Entire Trading Sdn Bhd and JMC Flex Solution.
The fraud was uncovered when the victim was asked to pay an additional withdrawal fee of RM4.5 million.
He realised the scheme had no connection to a legitimate Hong Kong-based finance firm with a similar name and lodged a police report on 6 January.
CCID also published its updated Semakmule database list of top ten entities linked to police reports as of 15 January.
JMC M Trading Venture recorded the highest number of reports at 20 cases, followed by CVC Grow Star Sdn Bhd (16) and KGI HK Sdn Bhd (15).
At least 111 police reports were filed involving the eight listed entities.
The department stressed that a company’s registration status does not guarantee transaction safety.
“Registered corporate or business accounts can also be misused as mule accounts for investment fraud activities,” it warned.
The public is advised to check the CCID Semakmule portal at semakmule.rmp.gov.my before any transaction.
They are further warned against social media ads guaranteeing quick and unrealistically high returns.
Common red flags include unauthorised apps, instructions to transfer funds to third-party accounts, and requests for additional withdrawal fees.
