70 year old Johor man loses RM2.1 million in forex investment fraud
Johor - A 70 year old clothing merchant was defrauded of approximately RM2.1 million in an online investment fraud.
Johor Police Chief Comm Datuk M. Kumar stated that the victim claimed to have joined a WhatsApp forex investment group in November 2024. The victim believed in the promise of quick profits and transferred RM2118000 to multiple bank accounts as instructed between November and early December, "he said in a statement on Tuesday, December 17th.
Kumar added that the victim was also instructed to download an application to monitor his' investments'. After inspection, the application showed that his investment generated a profit of RM6216000. However, when the victim attempted to cash in his shares and extract profits, they were unsuccessful. Realizing that he had been deceived, the victim reported the incident to the police, "he said, adding that the victim submitted the report on Tuesday.
The case is currently under investigation under Article 420 of the Criminal Code (Fraud), and the offender may be sentenced to imprisonment for no less than one year and no more than ten years, with the addition of whipping and fines.
Kumar urges the public to remain vigilant and avoid being easily attracted by investment opportunities advertised on social media or other online platforms. Anyone can become a victim of fraud, regardless of their identity or profession. Therefore, we recommend that the public carefully verify any investment opportunities through trusted institutions such as the Royal Malaysian Police (PDRM), the National Bank of Malaysia, and the Securities Commission, "he said.
He also encourages the public to follow the latest commercial crime methods on social media platforms such as Facebook, Instagram, and TikTok through the Commercial Crime Investigation Bureau (CCID) to raise awareness.
summary
This incident once again emphasizes the importance of being vigilant when making any form of investment. Scammers often exploit people's desire for quick wealth and deceive innocent investors through false investment opportunities. The public should strengthen their vigilance towards unregulated online investment platforms and conduct sufficient due diligence before investing to protect their financial security.
