Retiree savings of almost RM5mil wiped out by scammers

SHAH ALAM: A retiree lost almost five million ringgit after she was duped to invest her life savings in an investment scam.

In a statement on Thursday (June 6), Shah Alam OCPD Asst Comm Mohd Iqbal Ibrahim said the victim, aged 63, had started investing her money after she responded to an advertisement on Facebook.

"She was then added to a WhatsApp group and told to open a Foreign Direct Investment (FDI) Hub investment account to invest in local shares.

"The victim was promised profits between 11% and 13% of her investments and that the rate would increase over time," he said.

Taken in by the offer, the victim then made 42 transactions between the middle of March and the end of May, leading to losses of RM4,749,214.

"Once 'profits' from her investments reached around RM11.3mil, she tried to cash it out but found that no money had been deposited into her bank account," ACP Mohd Iqbal said.

A report was lodged at Seksyen 9 police station in Shah Alam.

ACP Mohd Iqbal reminded the people to ensure any investments made were through legal and proper channels and registered under the Central Bank.

He also urged the public to be wary of such investment advertisements online.