JOHOR BARU: A 70-year-old retiree was scammed out of more than RM1.2 million after being lured into an online pre-initial public offering (IPO) investment two months ago.
Johor police chief Datuk M. Kumar said the victim filed a police report yesterday, saying that he had joined the fraudulent investment scheme, which was advertised on Facebook in early June.
"The victim said the scheme promised high returns within a short period. He communicated with a representative through WhatsApp for more details on the investment," he said in a statement today.
The retiree made his first investment in July and initially received the promised profits, leading him to believe the scheme was legitimate.
He was later encouraged to top up his investment for larger returns.
Convinced he would earn even more, the victim transferred RM1,244,202 across several bank accounts.
However, suspicions arose when no further returns were received, and instead, the victim was pressured to invest even more.
Realising he had been scammed, the man lodged a police report.
The case is now being investigated under Section 420 of the Penal Code for cheating.