KUALA TERENGGANU: A retired female teacher lost RM570,000 of her personal savings and pension to a gold trading investment company.
Kuala Terengganu district police chief Asst Comm Azli Mohd Noor said that on Dec 29, 2021, the 59-year-old victim registered as a member of a well-known cooperative in the country due to its active involvement in charitable work and sponsorship of religious programmes.
He said that as a member, the victim was offered participation in high-return gold trading investments managed by the cooperative’s subsidiary.
The victim was encouraged to make a capital payment for the purpose of buying gold and was promised high profits from the sale.
“Between December 2021 and July 2022, the victim made 17 money transfers totalling RM620,000 into two different accounts under the name of the cooperative’s subsidiary,” he said in a statement yesterday.
ACP Azli said that during that period, the victim from Kuala Nerus only received an investment profit of RM50,000, Bernama reported.
Realising she had been deceived, the victim lodged a police report.
The case is being investigated under Section 420 of the Penal Code.
