Malaysian Contractor Loses Over RM5.9 Million in Facebook Investment Scam

A 58-year-old private contractor in Malaysia has suffered a massive loss of more than RM5.9 million after falling victim to a fraudulent investment scheme promoted via Facebook.

The 58-year-old victim began investing in September, lured by the impressive-sounding credentials of an advertisement by "Davidson Kempner Capital Management (DKCM MYS-C)" on Facebook.

Following the instructions, the victim downloaded the A-Trade application from the Apple Store. To meet the requirements for purchasing shares and making transactions, he transferred a total of RM5,900,506.48 through 30 transfers to 8 different company accounts from September to November 2024.

The scam came to light when the victim realized he had not received any returns and subsequently filed a police report. Local police have since opened an investigation into the case.

Malaysian authorities advise the public to exercise caution with investment offers on social media platforms, especially those promising unrealistically high returns from parties not approved by Bank Negara Malaysia or the Securities Commission of Malaysia (SC).