Elderly Malaysian Loses Life Savings in Online Investment Scam

Police in Malaysia are reminding the public to keep their money safe after an elderly man lost his life savings in an online investment scam.

According to police, the 64-year-old was scammed out of RM330,000 in a month's time.

Last month, the elderly ;saw an investment advertisement on Facebook and was attracted by the 10% daily return rate described. After clicking on the ad, he was directed to WhatsApp, where a woman gave him a detailed description of the investment scheme in the advertisement.

The old man believed her and accepted the investment offer. Between November 22 and December 20, he initiated 23 online transfers to the scammer's bank account.

When the scammer asked the victim to pay an additional fee, making him realized the anomaly and refused to pay more for it. On the next day, he reported the case to the police.

The police are investigating the case and suspect that the bank account receiving the victim's funds was a “money mule”.