IPOH: A 73-year-old retiree lost RM132,590 after falling victim to a foreign currency exchange investment scam.
Hilir Perak OCPD Asst Comm Chua Kok Lian said the victim realised he was cheated on Sept 14 after failing to access the scheme's system.
ACP Chua said the victim learned about the scheme through an acquaintance and joined on July 4.
"He was attracted to the offer, which promised high returns.
"He made various 'investments' in stages over two months," he said in a statement on Wednesday (Oct 21).
"After failing to access the system, he realised he had been cheated.
"He did not get any of the earnings promised, or his capital," he said, adding that a police report was lodged on Monday (Oct 19).
ACP Chua said part of the money the man lost came from the sale of his house.
He said the case is being investigated under Section 420 of the Penal Code for cheating.
"We are identifying the individuals involved in the scam.
"Those found guilty can be jailed up to 10 years, caned and fined," he added.
ACP Chua advised the public to be careful when receiving offers that promise high returns over a short time.
"Do not easily trust these offers whether via acquaintances, social media, or online platforms, without verification.
"These offers need to be verified with Bank Negara Malaysia or the Securities Commission.
"Do not use retirement funds, savings or sell assets to invest in unverified schemes.
"Contact the National Scam Response Centre at 997 and lodge a police report immediately if you have been cheated," he said.
