Facebook Investment Scam Costs Malaysian Retiree RM577,000

A 56-year-old Malaysian retiree has lost RM577,000 of his Employees Provident Fund (EPF) savings after falling victim to an investment scam.

The victim, lured by promises of huge returns, withdrew his EPF savings to invest in what he believed were Initial Public Offering (IPO) shares. The scheme, which surfaced in a Facebook advertisement, directed him to a link where he provided his personal information.

Trusting the promises made by the investment agent, the victim transferred RM577,000, split into 15 transactions, using an online application provided, between Oct 8 and Nov 21. He was later informed by the agent that he had purportedly earned RM7 million in profits. However, the retiree's hopes were dashed when he discovered that he could not withdraw the supposed profits, and the online application link had been removed, leaving him heartbroken and financially devastated.

This case highlights the risks associated with investment schemes advertised on social media and the need for vigilance in protecting personal finances.