PJT Academy Scam: RM459,000 Lost to a Fake Trading Group

A 73-year-old retiree in Johor Bahru lost RM459,000 to an online investment scam run by a group calling itself PJT Academy. The syndicate pretended to be a stock trading education platform but was actually a front for fraud.

The scam began in December when the victim received an unexpected message on WhatsApp from an unknown number. He was added to a group named “PJT Academy”, which claimed to teach members how to trade stocks using an app called “USMSG”.

Within the group, scammers promoted an investment scheme that was said to be active in Malaysia and China. They promised returns of between 10% and 200%, depending on the amount invested. The victim was convinced by these claims and began transferring money to what he believed were legitimate investment accounts.

Between January 10 and April 17, he made 23 transfers totalling RM459,000 to 10 different bank accounts. After his initial investment, he received a small return of RM18,360, which made him feel more confident in the scheme and led him to invest more.

However, when he tried to withdraw further profits, the scammers asked him to pay a “processing fee”. Even after paying this fee, no money was returned to him. Realising he had been scammed, the victim filed a police report on 11 May.

Johor Bahru South police are now investigating the case under Section 420 of the Penal Code, which covers cheating. If found guilty, those involved could face up to 10 years in prison, caning, and a fine.

Assistant Commissioner Raub Selamat advised the public not to believe investment offers on social media that promise high returns. He also encouraged people to check with the Securities Commission Malaysia and Bank Negara Malaysia before making any investment.

He warned that scammers are now using fake “trading academies” as part of their strategy. These groups often pretend to offer financial education but are designed to gain the victims trust before convincing them to hand over their money. Once victims receive a small return, they are more likely to invest larger amounts, making it easier for scammers to steal significant sums.

Read this article to learn more about trading academy scams: https://www.wikifx.com/en/newsdetail/202503177564441307.html

The public is also urged to follow the Commercial Crime Investigation Department on social media to stay informed about current scams. Victims of fraud should immediately call the National Scam Response Centre at 997 to report the case and try to stop further fund transfers.

With scams becoming harder to spot, it is more important than ever to stay cautious and informed before making any financial commitments.