MUAR: A housewife from Muar lost RM100,000 in an investment scam despite being aware of such schemes and conducting due diligence.
The victim, 31, found an advertisement of the investment scheme on Facebook, and, intrigued by the offer, contacted an agent on March 14.
On April 30, she met the agent, a Malaysian woman, who convinced her to invest by promising a 50 per cent return within a month.
The agent detailed the investment mechanism and the victim signed an online agreement.
She then made nine online cash transfers totalling RM100,000 to the investment company's bank account.
District police chief Assistant Commissioner Raiz Mukhliz Azman Aziz said the housewife lodged a report yesterday after her attempts to withdraw her profits proved futile.
He added that the victim tried to contact the agent once her investment matured, but the agent was unreachable.
Raiz did not elaborate on whether the company's Facebook page was still active or how exactly the scam was executed.
"Investigations are ongoing to determine the legitimacy of the company's business, and efforts are being made to locate the agent," he said.
The case is being investigated under Section 420 of the Penal Code for cheating.
He advised the public to log on to semakmule.rmp.gov.my to verify the legitimacy of individuals and companies promising lucrative but unrealistic returns before investing.