Online Investment Scam on WeChat Leaves Malay Investor Defrauded of RM1.6M

Recently, a Goemak investor was defrauded of RM1.6 million by a fake investment scam.

An investigation by the Selangor Police found that the 56-year-old investor met a fraud suspect on WeChat who sent him an strange link to download an investment application and deposit money into a so-called trading account.

A few days after the deposit, the victim found that his trading account earned some profit and wanted to withdraw. However, he was told that he had to pay a tax and a so-called cross-border transfer fee before he could withdraw.

Not wanting to give up the profits, the victim initiated 44 transfers amounting to RM16,887,525 to four bank accounts designated by the suspect.

Even when the investor realized that he had been scammed, he was not able to have any penny in his account.

Selangor police chief Datuk Hussein Omar Khan said police were investigating the case. “We wish to advise the public to always be cautious of online investment schemes and investment apps, and to verify the legitimacy of stock investments with Bank Negara Malaysia and the Securities Commission Malaysia,”said the chief.