A shocking case of investment fraud has left a Malaysian retiree RM2.33 million poorer after falling victim to a stock investment scam.
Recently, a 62-year-old Malaysian man lodged a police report claiming that he had lost RM2.33 million after investing in what turned out to be a non-existent stock scheme.
According to Johor police chief Comm Datuk M. Kumar, the victim was approached by an unknown individual who added him to a WhatsApp group promoting the so-called investment.
He was then given access to a website where he could supposedly monitor his profits and manage his funds, reported The Star.
Promised high returns, but lost everything
The victim was enticed by the promise of massive returns—up to US$8 million (RM32.2 million)—and proceeded to transfer funds across four transactions between 27 November 2024 and 4 March 2025.
The money was sent to four different local bank accounts, but instead of receiving any returns, he ultimately lost everything.
Investigation underway
The case is currently being investigated under Section 420 of the Penal Code, which deals with cheating and dishonestly inducing delivery of property.
Comm Kumar urged the public to remain vigilant and avoid investment schemes that promise unrealistic profits.
He also advised people to verify any investment opportunities with Bank Negara Malaysia and the Securities Commission before committing their money.
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