KUANTAN: A 66-year-old retiree in Malaysia has lost more than RM311,000 after being lured into a bogus stock investment scheme promoted on TikTok.
The woman was instructed by the alleged scammer to download an application linked to the scheme, according to Pahang police chief Datuk Seri Yahaya Othman.
Between Jan 5 and earlier this week, she transferred her savings across 16 separate transactions into six different bank accounts.
“The woman began to grow suspicious when the investment app became inaccessible. She was then asked to make further payments, purportedly to release banking risk controls,” he said in a statement today.
The victim filed a police report at the Kuantan District Police Headquarters (IPD) yesterday, with the case being investigated under Section 420 of the Penal Code for cheating.