The Malta Police Force launched an investigation following a formal complaint lodged in June 2022 by a resident we will call James. His ordeal began on Facebook Messenger when he was contacted by an individual using the name Alicia. Unlike many scams that move quickly, this was a “long game” tactic; Alicia spent several weeks engaging in casual conversation and building a personal rapport with James before any mention of financial opportunities was made. Once a foundation of trust was established, she encouraged him to begin investing through two online trading platforms.
James started with an initial transfer of €5,000 from his account held with a local bank. Almost immediately, the trading platforms began to display what appeared to be rapid and substantial profit margins. These visual gains, though entirely fictitious, gave James the confidence to commit more of his capital. Between March and June 2022, he made a series of transfers totalling €160,000, believing he was building a significant nest egg.
The deception became clear only when James attempted to withdraw his funds. He suddenly found himself locked out of his accounts, and all communication with “Alicia” ceased instantly. Subsequent investigations revealed that his money had been routed through a financial institution based in the UK. James eventually realized that the “profits” he saw on his screen were merely numbers manipulated by the scammers to encourage further deposits, while his actual capital had been moved out of his reach.
Red flags to remember:
- Social Media Solicitations: Initial contact made through Messenger, WhatsApp, or other private messaging apps by strangers.
- Phantom Profits: The early display of rapid, high, and unrealistic returns designed to lower your guard.
- Escalation Pressure: Frequent encouragement or psychological pressure to invest larger sums once “gains” are seen.
- Withdrawal Barriers: Sudden technical issues, “tax” requirements, or total loss of account access when trying to move money back to a bank.
- Foreign Routing: Instructions to send funds to offshore accounts or institutions in different jurisdictions (e.g., routing Malta-based funds through the UK or other regions).
Disclaimer: This account is based on a real-life case investigated by the authorities. While the events and figures described are factual, names have been changed to protect the privacy of the individuals involved.