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He saw an ad on Facebook that promised “high returns” of five to 12 percent.
October 20, 2024, 18:36
A 64-year-old engineer from Singapore lost RM1.948 million (S$594,100) in an online investment scam involving a Malaysian bank account.
I saw an ad on Facebook in December 2023
According to Johor’s police chief, the victim saw an investment ad on Facebook while in Singapore in December 2023, Malaysian media reported.
The police chief said the ad promised “high returns” of 5 to 12 percent, after which the man clicked on a link that added him to a WhatsApp group dedicated to investments.
He was briefed on the investment process and told that he only needed to provide seed capital while the company “managed” his investment.
The victim was then instructed to download an app to register and monitor the status and profits of their investment.
Sent money to Malaysia, couldn’t withdraw profits
Between February and March 2024, the engineer transferred the money to a bank account in Malaysia.
He realized he had been scammed when he couldn’t withdraw the profits shown on the app.
He was also asked to pay additional fees, including taxes, to recover his investment.
According to the police chief, the engineer also failed to contact the “investment agent”.
He filed a police report in Johor on October 17, 2024.
The police chief said:
“We remind the public to be wary of online investment schemes offering high returns.
They should verify the legality of companies or investments with relevant authorities such as the Securities Commission and Bank Negara Malaysia.”
Top photo on Canva
