KUALA LUMPUR, May 8 — An elderly man lost RM5.02 million after falling victim to a non-existent investment scheme on social media.
Selangor deputy police chief DCP Zaini Abu Hassan said the 72-year-old company manager was attracted by an advertisement in early March and contacted the suspect via WhatsApp.
"The victim was added to the WhatsApp group before being told to download an app and register as a new investor.
"During that time, the victim made periodical cash transactions to four different accounts totalling RM5.02 million,” he said in a statement today.
The victim lodged a police report in Serdang after realising he had been duped when he was asked to make additional payments for tax purposes to get back the money he had invested.
The case is being investigated for cheating under Section 420 of the Penal Code.
Zaini advised the public to always be cautious of investment offers on social media which promise lucrative and unreasonable returns, especially schemes not recognised by Bank Negara Malaysia (BNM) or the Securities Commission Malaysia (SC).
— Bernama
