JOHOR BARU: A retired lecturer here lost over RM1mil of his life savings after falling prey to an online investment scam.
Johor police chief Comm M. Kumar said that on March 22, police received a report from a 61-year-old man who said he had been duped into investing RM1.065mil in a fake investment scheme.
“The victim contacted an unknown individual through WhatsApp after coming across an investment-related advertisement on social media.
“This led to the scammer telling him about the ‘Spot Gold Futures XAUUSD’ investment scheme through the ‘Navik Capital’ platform.
“The victim was promised returns of between 5% and 8% from his capital in just one day and each time an investment transaction was done,” he said in a statement on Tuesday (April 9).
Comm Kumar said the victim, enticed by the promise, transferred RM1.065mil to various bank accounts as instructed by the suspect.
“Through the application provided, the victim saw his investment growing. However, he was unable to withdraw his returns, and he was given all kinds of excuses when he tried to do so.
“This made him feel that something was not right. He then decided to check the phone number of the scammer through the Semak Mule application and found a record,” he said.
The case is being investigated under Section 420 of the Penal Code for cheating, which carries a jail term of between one and 10 years, whipping and a fine upon conviction.
Comm Kumar urged the public to be careful and not to easily fall prey to investment opportunities they see online.
