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A RETIRED man’s hopes of securing quick and lucrative returns turned into a costly lesson after he lost more than RM250,000 to a non-existent foreign exchange investment scheme believed to be operated by an online scam syndicate.
The 65-year-old victim was reportedly drawn into the scheme after coming across an online advertisement while browsing the internet on Aug 15.
Enticed by promises of high profits within a short period, he contacted an individual posing as an “investment agent” and was later directed to register through a link provided to him.
Kluang district police chief Assistant Commissioner Bahrin Mohd Noh said the syndicate convinced the victim that the investment would yield substantial returns in a short time.
“Between Nov 2 and Dec 23, the victim made payments totalling RM261,420 into four different bank accounts in stages and discovered that there were profits amounting to RM500,000 in his investment account,” he said in a statement.
However, the supposed gains existed only on-screen. Bahrin said the victim was later told that additional payments were required before he could withdraw the profits shown in the account. It was at this point that the retiree realised he had been deceived and lodged a police report.
“S investigations are ongoing under Section 420 of the Penal Code,” Bahrin said.
Police have advised the public to be wary of online investment schemes that promise unusually high returns in a short period, warning that such offers are a common hallmark of scams designed to exploit unsuspecting victims. - January 7, 2025