Scams targeting unsuspecting Malaysians continue to rise, with many falling victim to false promises of fast money and high returns. In a recent case, a 72-year-old company manager lost a staggering RM5.02 million to a fake online investment scheme.
According to a local news report, the victim came across an investment advertisement on social media and began communicating with the supposed ‘agent’ via WhatsApp. He was later added to a group chat and instructed to download a mobile app and register himself as a new investor.
Photo via The Sun
Selangor deputy police chief DCP Zaini Abu Hassan said the man made a series of cash transfers to four different bank accounts, believing he was investing in a legitimate opportunity. The scam only came to light in March this year when the victim was asked to make more payments, this time under the pretext of “tax purposes” in order to retrieve his returns.
Only then did he realise he had been conned. A police report was lodged in Serdang, and the case is currently being investigated under Section 420 of the Penal Code for cheating.
Unfortunately, this case is not an isolated one. Malaysians, young and old, continue to fall for online investment scams, particularly those spread through social media and messaging platforms. Scammers often use polished websites, fake testimonials, and high-pressure tactics to convince people to part with their money.
Authorities have repeatedly warned the public to be cautious and not to trust investment offers that promise guaranteed or unusually high returns. If it sounds too good to be true, it probably is.
Always verify the legitimacy of any investment scheme with official bodies such as Bank Negara Malaysia or the Securities Commission Malaysia. For those with elderly parents or relatives, it's especially important to monitor their financial activities and educate them about common scams.
Stay alert, ask questions, and double-check before sending money. Your vigilance could save you, and your loved ones, from massive financial losses.
