Recently, the Johor Bahru police in Malaysia received a heart wrenching case of investment fraud. A 64 year old local man was scammed into transferring funds to multiple unfamiliar accounts within just one month due to trusting investment advertisements on the internet, resulting in a cumulative loss of over 320000 ringgit (approximately 520000 RMB).

Trusting the "IQZAN Trading" platform with a daily return of 10%, scammed 520000 yuan

The man said he saw an investment advertisement on Facebook in November, posted by the "IQZAN Trading" platform, claiming that investors could easily earn a 10% return rate every day.

He was attracted by the temptation of high returns and subsequently approached a contact named Nohavani. The other party promised him that by investing in the platform, he could earn substantial returns in the short term.

Attracted by this, the man transferred RM325811.67 (approximately RMB 529639) to 7 unfamiliar accounts between November 22 and December 20, completing 23 fund transfers.

At first, he did not notice any abnormalities until he attempted to withdraw the funds, and the platform demanded that he pay additional fees in order to retrieve his investment.

The platform informed him that if he did not pay this additional fee, he would not be able to withdraw the previous investment funds. The man only realized at this moment that he might have been involved in fraud, fortunately he reported it to the police in a timely manner.

This event reminds all investors, especially those looking for "high return" investment opportunities, to remain vigilant. Do not easily believe in any project that promises to easily earn high commissions. Investors should carefully browse the other party's official website before trading, verify the legitimacy and reliability of the platform, and avoid falling into fraud traps due to greed for small profits.