While most people would usually discover that they have been scammed almost immediately, the same can’t be said for some.
For one Singaporean engineer, it took him six whole months that he had been taken for a ride after he unwittingly poured RM1.9mil into a fake investment scheme.
SG engineer transfers RM1.9mil to M’sian bank account
According to The Star, the 64-year-old victim came across an investment advertisement on Facebook while in Singapore in December 2023 and clicked on the link.
He was then directed to a WhatsApp group which was involved in investments and was briefed on the investment process.
The victim was later told that all needed to do was to provide the initial capital and leave the investment part to the company. He was also informed that he would enjoy returns of 5% to 12% on the invested amount.
Unable to walk away from the lucrative returns, the victim downloaded an application for registration and to monitor his investment’s status and gains.
Between February and March 2024, he transferred a total of RM1,948,000 in online payment to a Malaysian bank account as instructed.
Discovered it was a scam 6 months later
As the days flew by, the victim realised that he couldn’t withdraw the profits he had “earned” as shown in the app.
Furthermore, he was told to make further payments, including taxes, to recover his invested capital. He tried contacting the suspect but to no avail.
After discovering he had been duped, the victim lodged a police report on Oct 17, prompting an investigation under Sections 420 and 411 of the Penal Code.
Johor police chief Datuk M. Kumar urged the public to on guard against online investment schemes offering high returns and to crosscheck its legitimacy with the Securities Commission and Bank Negara Malaysia (BNM).
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