Scammers steal retirement savings worth almost RM5mil

A retired woman lost nearly five million ringgit when she was tricked into investing her life savings through an investment fraud.

In a press release issued on Thursday (6 June), Shah Alam OCPD Asst Comm Mohd Iqbal Ibrahim stated that the victim (aged 63) had begun investing her money when she responded to a Facebook advertisement.

She was added to a WhatsApp Group and instructed to open a Foreign Direct Investment Hub Investment Account to invest in local stocks.

He said that “the victim was promised profits of between 11% to 13% on her investments, and that this rate would continue to increase with time.”

The victim, taken in by the offer made 42 transactions from the middle of March to the end of May. This resulted in losses of RM4,749 214.

ACP Mohd Mohd said that when the ‘profits,’ or money from her investment reached around RM11.3mil she tried to cash out her money but discovered there was no money in her account.

The Seksyen 9 Police Station in Shah Alam received a report.

ACP Mohd Iqbal reminded people to make sure that any investment made is through legal and proper channels, and registered with the Central Bank.

He warned the public not to trust such online investment ads.

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