KUANTAN, Oct 25 — A retiree lost over RM478,000 after falling victim to a non-existent investment scheme promoted on social media.

Pahang police chief Datuk Seri Yahaya Othman said the 69-year-old man first expressed interest in the investment advertised on Facebook in July.

He explained that the victim was provided a link to download the investment platform, while the suspect offered training via WhatsApp, convincing the senior citizen that he could obtain returns up to 300 per cent of the invested sum.

"As a result, the victim transferred over RM478,000 from his savings through 33 transactions to four accounts provided by the suspect, from September 10 until this Tuesday,” Yahaya said in a statement today.

The man became suspicious when he could not withdraw his investment and subsequently filed a report at the Kuantan District police headquarters yesterday. The case is being investigated under Section 420 of the Penal Code for cheating.

Meanwhile, Yahaya cautioned the public to be wary of online investment schemes promising high returns. He also advised individuals to verify account numbers through https://semakmule.rmp.gov.my before making any transactions. — Bernama