Malaysia Online Investment Scam Costs Two Victims About RM1 Million

There are numerous online investment scams taking place in Malaysia. Recently, the Malaysian police received two more reports of online investment scams. Two victims were reported to have lost nearly RM1 million.

A 59-year-old technician learned about an investment scheme called “Eccoin” from a friend last summer. The friend introduced Eccoin as a trading platform for investing in stocks using USD and claimed that he had made money through the platform.

Encouraged by the friend, the victim joined the investment and downloaded an app for monitoring his investment in the stock markets.

About two months later, the technician sent about RM227,000 to the scammer through 15 transfers.

The victim thought he had earned a profit of nearly RM650,000, but the “investment” did not pay off.

In mid-August, customer service claimed that Eccoin had been hacked and needed to be upgraded to a new platform. Since then, the victim has not received any news about his withdrawal.

In another case, a 69-year-old retiree also fell victim to an investment scam.

In December last year, the old man found an advertisement on Google for a platform called “Stocks Qs Secure” and was attracted by the promise of huge profits.

Under the pretext of investment, the scammers asked for the victim's personal information and then directed him to transfer money to bank accounts controlled by them. In less than two months, the retiree transferred more than RM700,000 through 22 transactions to 15 different business bank accounts.

When he failed to get returns as promised, he realized he had been scammed and decided to report the matter to the police.