Retiree loses RM730,000 to investment scam

KUANTAN: A 65-year-old retiree lost a total of RM730,000 after being duped into investing in a non-existent online investment scheme.

Pahang Police chief Datuk Seri Yahaya Othman said the woman was interested in joining the investment scheme offered via the Instagram application, which promised a 20% profit.

He said the woman then registered on to a investment website and transferred RM730,000 in 19 transactions to 14 different accounts from April 20 to June 9.

"The victim used all her savings and also borrowed money from her friends to invest. Initially, she managed to withdraw a profit of RM5,000, after which she could not access the website and the suspects also told her to deposit more money for the investment," he said in a statement on Friday (Dec 29).

He said the victim lodged a police report at the Kuantan District Police Headquarters on Thursday (Dec 28) and investigation was being carried out under Section 420 of the Penal Code for cheating.

Yahaya advised the public to constantly be wary of non-existent investment syndicates and not to be easily swayed by investments promising lucrative returns. - Bernama