Recently, a victim revealed to our platform that they were involved in an online scam. The scammer gradually coaxed them into downloading a forex platform called TAU Limited and persistently urged them to deposit money and trade. When the victim attempted to withdraw funds, they were informed of a hefty 20% "personal income tax."
The victim and the scammer initially met on WeChat. On March 22, the scammer added the victim as a friend, claiming they found their contact in their address book. After some conversation, they decided to continue chatting on Kakao.
Later on Kakao, the scammer slowly gained the victim's trust by engaging them in conversations and guiding the topics towards “investments.” After a week of chatting, the two seemed like close friends. The scammer then turned the conversation towards investments, asking if the victim was involved in financial management. Upon learning that the victim was unfamiliar with the topic, the scammer returned to the "main topic."
The scammer frequently forwarded forex-related news and enthusiastically explained forex trading. Eventually, they revealed their true intentions by guiding the victim to download a trading platform called “MultRain-MAX,” asking the victim to send a screenshot to ensure they “downloaded the correct app.” This was merely a tactic to trap the victim.
Investors should be aware that many fraudulent companies differentiate between their brand name and app name. In this case, the victim downloaded MultRain-MAX, but the platform used was actually TAU Limited, which was evident from the registration page.
Following the scammer’s guidance, the victim completed the registration.
After gaining the victim’s trust, the scammer played their trump card. They claimed to have a well-connected aunt in New York who provided insider information. Assuring the victim of easy profits, the victim invested $2000 under the scammer’s direction.
Seeing that the victim was hooked, the scammer didn’t flee but continued baiting them with praises and flattery by sharing some of their own attractive photos. Under the scammer’s "guidance," the victim saw their account balance rise and was consequently unable to pull away.
The scammer also repeatedly emphasized their aunt’s valuable insights, claiming she worked at JPMorgan and had connections in several prominent places like Singapore.
On April 13, the fake trading app was removed from the Apple Store. However, by this time, the victim deeply trusted the scammer and affectionately called them "Juan Sister." The scammer then reassured the victim that the app's removal was due to a merger and wouldn’t affect their trades.
The scammer frequently sent photos of trips around the world, along with financial news articles. They used persuasive language to convince the victim to continue increasing their investments on the now-unavailable platform. Over time, the victim invested more than $36,000.
However, on May 6, for reasons unknown, the victim attempted to withdraw funds. They were then informed by customer service of the required tax, amounting to a staggering 20% "personal income tax." At this point, the scammer’s attitude shifted, questioning if the victim paid taxes on stock gains.
Experienced investors would understand that stocks and forex are unrelated, and taxes on stocks have nothing to do with forex trading. The victim, however, was initially confused by the high tax requirement. The scammer’s attitude rapidly deteriorated once they sensed the victim’s hesitancy, telling them to stop investing if they had doubts.
Perhaps due to the unreasonable tax request or the sudden shift in the scammer’s attitude, the victim grew suspicious. After consulting multiple sources, they learned that legitimate forex trading doesn’t require taxes and withdrawals are typically unrestricted. Upon being denied another withdrawal attempt, the victim finally realized they had been scammed. Their invested money was inaccessible, and the apparent profits were merely digital figures.
With online investment and financial management becoming increasingly popular, scammers are becoming more adept. There are more fraudulent platforms, websites, and software, making it difficult for the average person to distinguish legitimate from fake. It is crucial to prioritize safety over profits when investing.
