KUANTAN: Lured by an investment advertisement on Facebook, a retiree withdrew his Employees Provident Fund (EPF) savings to participate in the scheme, only to lose RM577,000.
The 56-year-old man was left heartbroken after the online application which he initially used to participate in the investment scheme no longer existed.
Pahang police chief Datuk Seri Yahaya Othman said the victim had come across a Facebook advertisement last month offering potential investors the chance to purchase Initial Public Offering (IPO) shares.
"Since, the scheme promised investors huge returns, the retiree decided to take up the offer. He was provided with a link to provide his personal information," he said.
"The victim who decided to use his EPF along with some other savings made 15 transactions amounting RM577,000 between Oct 8 and Nov 21. The cash to purchase shares was transferred using an online application provided by the investment agent."
"Sometime later, the agent told the victim that he had earned RM7 million profit. The victim knew that he had been cheated after realising that he could not withdraw the profit and the online application link used to transfer the cash has been removed," Yahaya said in a statement today.
The scam-related case is being investigated under Section 420 of the Penal Code for cheating, he said.
Yahaya urged members of the public not to be easily influenced by investment schemes on social media and always check on https://semakmule.rmp. gov.my before making any transactions.