HIIFX Scam Accused of Collapse With RM52 Billion Losses in Frozen Withdrawals

A platform identified as HIIFX, which allegedly offered foreign exchange margin investment services while promising unusually high returns, is now facing mounting accusations from investors in several countries after an apparent collapse left users unable to withdraw funds. Victims claim the case may involve millions of accounts worldwide, with estimated losses reaching RMB 80 billion (approximately RM52 billion).

The allegations were highlighted at a press conference held today, where Liu Junguang, a 58 year old businessman from Taiwan, appeared alongside lawyer Yang Zihua to publicly detail the case and urge authorities to take action.

According to Liu, the platform is believed to have begun operating around 2018. It reportedly attracted investors through wealth management expos, promotional seminars, and aggressive online marketing campaigns. Its reach extended across mainland China, Taiwan, South Korea, and other international markets.

Liu said HIIFX presented itself as a forex margin trading platform, requiring a minimum investment of US$1,500 (approximately RM7,080). Investors were allegedly told they could earn returns of around 5 percent per trade, with payout schedules determined by the platform. In the early stages, returns were typically delivered within two weeks to one month.

He stated that between 2018 and 2021, the platform appeared to function normally. Investors reportedly received profits on schedule and were able to make successful withdrawals, helping to build confidence and attract more participants.

However, that situation changed dramatically in September 2021, when users began experiencing delays in withdrawing funds.

“The platform later issued announcements saying that withdrawals would require three to six months to process, but no clear reason was ever given,” Liu said.

He added that what began as temporary delays eventually escalated into a complete inability to withdraw funds. Despite growing complaints from users, the platform allegedly continued operating for years afterward. It was only on August 29, 2025, that the system reportedly shut down entirely, leaving investors with no access to their capital.

Nearly One Million Accounts Allegedly Involved

Speaking at the same press conference, lawyer Yang Zihua said preliminary information suggests the platform may have been linked to approximately 970,000 accounts, with an estimated 500,000 to 600,000 individual investors participating globally.

He said the total amount invested could be as high as RMB 80 billion (approximately RM52 billion), although the figure has yet to be independently verified through official investigations.

Yang noted that victims in several countries have already filed complaints with local law enforcement agencies and regulators. He called for a coordinated cross border investigation, saying the scale of the case extends well beyond a conventional investment dispute.

“At this stage, this is no longer simply an investment issue. It is a legal matter involving potential misconduct and the movement of substantial sums of money,” Yang said.

He revealed that he is currently assisting around 300 investors from China, Taiwan, South Korea, and the United States in pursuing legal remedies.

Among them, seven investors who filed police reports today alone are said to have suffered combined losses of US$8 million (approximately RM31.6 million).

Yang said the group visited the Cheras District Police Headquarters earlier in the day to lodge formal reports.

Victims Seek Recovery of Funds and Full Transparency

According to Yang, the purpose of holding the press conference was to clarify the sequence of events, raise public awareness, and encourage anyone with relevant information to come forward.

“The victims demands are very clear,” he said. “They want their investment funds returned, and they want to know how the platform operated and where the money went.”

He also appealed to insiders, former staff members, business partners, and anyone with knowledge of the platforms internal operations to assist investigators.

“We call on anyone who holds relevant information to contact us or the authorities so the truth can be established,” he added.

Familiar Warning Signs in High Return Investment Cases

The allegations surrounding HIIFX reflect a pattern commonly seen in controversial high yield investment schemes. Such platforms often build credibility by making early payments to investors, encouraging reinvestment and word of mouth referrals before liquidity pressures emerge.

Industry observers note that promises of consistent high returns, particularly in leveraged forex trading, should always be treated with caution. Legitimate trading carries risk, and no platform can guarantee fixed profits without exposing investors to significant market volatility.

The reported timeline in this case, where withdrawals were initially successful before becoming delayed and then impossible, is a scenario regulators worldwide frequently warn investors about.

Investigation Now Underway

Yang said the matter has now entered an investigation phase, with victims hoping to use legal channels to protect their rights and recover assets where possible.

He urged enforcement agencies to act swiftly and comprehensively, particularly given the international scope of the alleged losses and the number of affected investors.

As complaints continue to surface, the HIIFX case may become one of the largest alleged cross border retail investment failures involving forex related products in recent years.