Retiree loses RM186,000 after 200pct profit promise in investment scam
MUAR: A retiree's dream of doubling his savings turned into a nightmare when he lost RM186,800 in a non-existent investment scheme he discovered through social media.
District police chief Assistant Commissioner Raiz Mukhliz Azman Aziz said the 70-year-old victim was lured into a business group via WhatsApp after being enticed by promises of a 200 per cent return on his investment within three months.
"The victim was briefed on how to invest, the required capital, and the projected returns.
"Attracted by the offer, he proceeded to make 14 transactions into five different bank accounts between Jan 25 and April this year," Raiz said in a statement today.
He said the victim was later provided with a link, purportedly to check his profits, which showed a return of RM446,786.89 as promised.
However, he was then instructed to pay an additional RM22,339.34 to "unlock" the funds.
"Feeling something was amiss with the demand, the victim attempted to contact the individual who had introduced him to the scheme but received no response," Raiz said.
The case is being investigated under Section 420 of the Penal Code for cheating, which carries a jail term of one to 10 years, whipping, and a fine upon conviction.
Raiz urged the public to remain vigilant and not fall prey to offers that appear too good to be true, especially those encountered on social media platforms.
"Always refer to official social media pages such as the Commercial Crime Investigation Department's Facebook, Instagram, and TikTok for information on common scams and fraud tactics," he added.
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