MUAR: A 72-year-old man lost more than RM300,000 after falling victim to a fraudulent investment scheme he discovered via WhatsApp.
Muar OCPD Asst Comm Raiz Mukhliz Azman Aziz said the victim received a message on March 10 from an unknown number offering an opportunity to invest in what was claimed to be a legitimate share trading platform.
“The victim, a former accountant, showed interest in the offer and was subsequently added to a WhatsApp investment group, where he was provided with details on the promised returns,” he said in a statement on Monday (April 21).
He added that between April 15 and 16, the victim made three separate transactions totalling RM302,100 into a bank account under the name of a purported investment company.
“He was able to view his projected profits based on the invested capital through a mobile application provided by the scammer,” he said.
However, suspicions arose when he was unable to withdraw any of the returns, realising that he had likely been duped.
“The funds used by the victim were his savings,” added ACP Raiz Mukhliz.
The case is currently being investigated under Section 420 of the Penal Code for cheating, which carries a jail term of not less than one year and up to ten years, whipping, and a fine upon conviction.
In light of the incident, police are once again advising the public to be extremely cautious when approached with investment opportunities, especially those that appear too good to be true.
“If it sounds too good to be true, it probably isn’t,” said ACP Raiz Mukhliz, urging the public to conduct due diligence and be wary of transferring money into unknown accounts.
He also encouraged the public to follow advisories from the police’s Commercial Crime Investigation Department via platforms such as Facebook, Instagram, and TikTok to stay informed about the latest scam tactics.
