JOHOR BAHRU, April 9 — A retired lecturer from a public university was cheated out of over RM1 million in an online investment scam in Johor recently.
Johor police chief M. Kumar said the 61-year-old man lodged a police report on March 22.
The victim claimed to have been in contact with an individual on WhatsApp after joining an investment scheme known as Gold Futures XAUUSD, which was advertised on Facebook in December last year.
“The individual provided explanations about the investment and the victim was promised returns of between five and eight per cent of the capital amount within a day each time an investment transaction was made.
“However, the victim suspected he was deceived after failing to withdraw any profits despite making payments totalling over RM1 million to several accounts,” he said in a statement today.
The case is being investigated under Section 420 of the Penal Code.
Kumar advised the public to be cautious and not fall for investment offers on social media promising easy and substantial returns.
Instead, they should check with agencies like Bank Negara Malaysia and the Securities Commission to ensure the investment opportunities are genuine.
“In addition, utilise the online ‘Semak Mule’ services to verify the status of bank accounts and suspect phone numbers before making any payments,” he said.
— Bernama
