KUALA LUMPUR, Oct 19 — A 64-year-old engineer from Singapore lost RM1.9 million in an online investment scam involving a Malaysian bank account.
Johor police chief Datuk M. Kumar said the man encountered an advertisement on Facebook in December last year while in Singapore, promoting high returns on investments.
“Enticed by the promise of high returns of between 5 to 12 per cent, he clicked on the provided link, which led him to a WhatsApp group,” Kumar said in a statement on Facebook.
“The man made online transfers amounting to RM1.9 million to a Malaysian bank account between February and March as part of the investment,” Kumar said in a statement.
Problems arose when the victim could not withdraw his profits and was asked to pay additional fees, including taxes, to reclaim his capital.
“His attempts to contact the ‘investment agent’ failed, leaving him without a way to recover his losses,” Kumar added.
The man lodged a police report in Johor on October 17, as the scam involved transactions made to a local bank account.
Kumar urged the public to be cautious of online investments promising high returns and advised verifying such schemes with regulatory bodies like the Securities Commission or Bank Negara Malaysia.
The case is being investigated for cheating.
