JOHOR BARU: A 64-year-old engineer from Singapore lost RM1.9 million after falling victim to an online investment scam.
The man came across an advertisement that offered lucrative returns on investment on Facebook when he was in Singapore in December last year.
Enticed by the high profits, which were up to 12 percent of the invested amount, he clicked on the provided link, which directed him to a WhatsApp group.
Johor police chief Datuk M. Kumar said the man followed the instructions to download an application for registration purposes and to monitor his investments.
"The man made online transfers totalling RM1.9 billion to a Malaysian bank account as part of the investment process between February and March," he said in a statement.
Trouble arose when the man was unable to withdraw his supposed profits from the apps. He was then instructed to pay additional fees, including taxes, to recover his capital.
"His efforts to contact the 'investment agent' were futile, leaving the victim with no recourse," Kumar said.
A police report was lodged by the man here on Oct 17, as the money lost in the scam was transferred to a Malaysian bank account.
The case is being investigated for cheating.
Kumar urged the public to be cautious of online investments promising high returns and to verify the legitimacy of such schemes with regulatory bodies such as the Securities Commission and Bank Negara Malaysia.