26-05-2025
Retiree loses over RM300,000 to fake investment scheme
KULAI: A retiree lost RM340,000 in a fake scheme promising 30% returns.
Kulai OCPD Asst Comm Tan Seng Lee said the 59-year-old, who previously worked in a private company, was tempted by the high returns.
The retiree believed he could gain 20% to 30% on his investment within three days.
He was instructed to download an app called XC Global to allegedly track his funds, said ACP Tan on Monday (May 26).
The retiree deposited RM340k into 13 local bank accounts through 19 transactions, thinking he was investing his savings.
The transactions occurred from March 5 to May 21, he added and said that the app indicated earnings of RM936,971.34, but when he attempted to withdraw funds, he was asked for another RM92k.
When his account was frozen, he realised he had been scammed, said ACP Tan, adding that the report was filed on Sunday (May 25).
ACP Tan reminded the public not to trust schemes promising quick, high returns.
He said people can stay informed about scams via the police force's Facebook page.
The case is under investigation for cheating under Section 420 of the Penal Code, which includes up to 10 years' imprisonment, caning, and a fine.
