MUAR: A retiree's pursuit of high returns turned into a costly mistake when he lost RM111,000 to an online investment scam.
The victim, 56, came across an advertisement on social media promising guaranteed 20 per cent capital returns within 60 days.
It is learnt that he spoke to an individual claiming to be the agent behind the advertisement, which convinced him of the investment's legitimacy. However, he failed to verify the information against available anti-scam platforms.
District police chief Assistant Commissioner Raiz Mukhliz Azman Aziz said the victim registered his personal details on a website purportedly to track his profits.
He transferred a total of RM111,000 to five company bank accounts as instructed by the agent.
However, he grew suspicious when he was pressured into making further investments. The victim was yet to receive any profits from his investments.
When he declined to further invest in the scheme, he discovered that the website was blocked and he could no longer contact the agent, prompting him to lodge a report yesterday.
Raiz said the case was being investigated under Section 420 of the Penal Code for cheating.
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Keywords: Muar, Scam, Investment, Fraud, Retiree, News, Nst, Malaysian News.