Beware of Fake Investment Ads on Facebook: Malaysian Retiree Loses RM429,000 After Investing

A 56-year-old retiree in Malaysia has lost over RM429,000 to an online share investment scam promoted on Facebook. The victim, who encountered the fraudulent advertisement in November last year, filed a police report after realizing he had been deceived by the bogus investment syndicate promising high returns.

Lured by claims of substantial profits within a short timeframe, the victim clicked on the advertisement link and began investing. Between January 17 and March 6 this year, he made 22 transactions totaling RM429,500 to five bank accounts as directed by the syndicate. The scam escalated when he was asked to make additional payments to withdraw his supposed profits, only to discover the syndicate's scam when attempts to recover his money failed.

Preliminary investigations revealed that all bank accounts involved in the scam were connected to prior fraud cases. Authorities are investigating the case. If convicted, the offenders could be sentenced to up to 10 years' imprisonment, whipping, and a fine.

Malaysian police officials are urging the public to be cautious of investment schemes offering unrealistic returns. They recommend verifying opportunities with official channels, such as the Malaysia Securities Commission, before investing. Victims of online scams are encouraged to promptly report incidents to the National Scam Response Centre (NSRC) to prevent further financial losses.