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Million-Ringgit Online Investment Fraud Targets Elderly Malaysian
A Malaysian elderly man fell victim to a fraudulent online investment scam, losing RM974,000. The 67-year-old man stumbled upon a stock investment advertisement on Facebook, which promised a 20% return within 30 minutes on an RM5,000 investment.
The victim clicked on a link provided by a suspect, which redirected him to a WhatsApp group named "National Malaysian Finance Management Association." From there, he was instructed to download an app called PGLO.PRO.
Over the course of “trading”, the victim made 16 online payments to three different bank accounts, amounting to RM974,000. On January 11, 2025, the victim discovered through a Google search that the purported investment did not exist thus filed a report to the local police.
Malaysian authorities advise the public to thoroughly scrutinize any investment offers, emphasizing the importance of avoiding schemes that promise high returns, particularly when the companies involved are not registered with the Securities Commission of Malaysia (SC), Bank Negara, or the Companies Commission of Malaysia.
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