70-Year-Old Malaysian Clothing Trader Scammed of RM2.1M in WhatsApp Forex Scheme Promising High Returns

A 70-year-old Malaysian clothing trader has fallen victim to an online forex investment scam, losing RM2,118,000 to the scheme he joined via WhatsApp. The trader lodged a police report after he was unable to withdraw RM6.2 million in profits he believed he had made since starting the investments between November and early December.

Johor Police stated that the victim discovered the investment opportunity on a WhatsApp channel and joined an investment group. The group's administrator had advertised high returns from forex trading, which attracted the trader. After contacting the administrator for further details, he was convinced by the promise of immediate profits.

The victim made several bank transfers totaling RM2,118,000 to multiple bank accounts provided by the group administrator. He also downloaded an application and registered an account to monitor his investments. Although the app displayed RM6.2 million in profits, his attempts to withdraw the funds or conduct trades were unsuccessful, leading him to realize he had been scammed.

The police have reminded the public that most online investment schemes are fraudulent and likely to end in scams. They urged people to exercise caution and avoid being easily swayed by investment opportunities advertised on social media.

According to data from the Commercial Crime Investigation Department (CCID), nearly 60,000 people fell victim to online scams in Malaysia between 2022 and last year, with 18.6% of them aged above 50.