KUANTAN: A company manager withdrew his Employees Provident Fund (EPF) savings hoping to earn big returns by participating in an online foreign currency exchange investment scheme but ended up losing RM156,424.
The 56-year-old victim from Temerloh also invested his savings in the fraudulent investment scheme in September last year which claimed to offer returns up to 20 per cent of the total sum invested every month.
Pahang police chief Datuk Seri Yahaya Othman said the man was invited to join the investment scheme through a WhatsApp group.
"The victim was persuaded to invest in a foreign currency exchange scheme, with an assurance of up to 20 per cent profit every month for an investment of RM10,000.
"Between Sept 24 and Dec 18 last year, the man made 18 transactions totalling RM156,424 into four separate bank accounts.
"However, he knew something was amiss when the investment agent repeatedly told him to make an additional payment amounting to RM7,000 when he wanted to withdraw his profit. The victim claimed he had invested his own money and EPF savings," he said in a statement today.
Yahaya said the case was being investigated for fraud and urged the public to exercise caution when joining online investment schemes and verify the legitimacy at https://semakmule.rmp. gov.my.