KUANTAN: A retiree has lost his entire life savings after falling for a fake investment scheme he discovered on Facebook.
In 43 days between Sept 9 and Oct 22, the 69-year-old man lost RM478,050 to the scheme.
Pahang police chief Datuk Seri Yahaya Othman said the victim saw an advertisement for the MMCT Pro investment scheme on July 16.
After getting in touch with an "agent", the victim was instructed to download a mobile application to monitor his investments. He was also provided advice and training on the scheme via WhatsApp.
"The victim was told he would earn profits of up to 300 per cent on his total investment," he said in a statement.
Yahaya said the victim then made 33 transactions to four separate bank accounts between Sept 9 and Oct 22.
He said the victim suspected something amis when he could not withdraw his profits. He then lodged a police report.
The case is being investigated under Section 420 of the Penal Code for cheating.
Yahaya urged the public to be cautious with investment offers promising lucrative returns and to check https://semakmule.rmp.gov.my before making any transactions with strangers.