Retired Manageress Loses Life Savings in RM175,000 Online Investment Scam

An online investment scam in Malaysia has led to a 54-year-old woman losing her life savings of RM175,000 after being lured by promises of high returns in a short time.

The victim is a retired private sector manager, who came across the scam in October of this year through a Facebook page named "Spark Liang" and was enticed by its investment opportunities. She contacted the company’s customer service via WhatsApp and was put in touch with a man claiming to be an investment consultant.

The suspect assured the victim of quick returns on her investment. Intrigued, she provided her personal details for registration and received further instructions through WhatsApp numbers 011-72301336 and 010-8995923.

Persuaded by claims of numerous “successful clients”, the victim made seven transactions between October 30 and December 10, totaling RM175,000, to 3 different bank accounts. Preliminary investigations revealed that the three bank accounts involved had 15, 16, and 4 prior reports, respectively, all linked to investment fraud.

When she attempted to withdraw her supposed investment returns, the suspect demanded additional payments. It was only after all efforts to recover her money failed that she realized she had been scammed.

The case is being investigated and will carry a penalty of up to seven years imprisonment, a fine between RM10,000 and RM100,000, or both upon conviction.

Malaysian authorities urged the public to exercise caution by verifying the legitimacy of individuals or companies offering investments through the Securities Commission Malaysia (SC). The public has also been advised against sharing personal or banking information with unknown parties and to avoid promises of large returns within a short timeframe.