They Let Him Win First, Then Scammed RM5.3 Million

A 67-year-old Malaysian businessman lost RM5.3 million in just seven days after falling prey to a sophisticated online investment scam. Authorities in Selangor confirmed that the man was lured into the fraudulent scheme by a woman who presented herself as an investment expert.

According to Selangor police chief Hussein Omar Khan, the victim encountered the scam after clicking on an online advertisement promoting what appeared to be a lucrative business opportunity. The ad redirected him to a WhatsApp channel, where he began direct communication with the woman, referred to as “Ms Ng.”

She portrayed herself as an investment specialist and guided him to register as a new investor on a website that seemed professional and trustworthy. His initial investment yielded a return of RM24,308, which led him to believe the scheme was legitimate. Convinced of its authenticity, he proceeded to transfer RM5.3 million across 13 transactions into three different bank accounts, hoping for continued returns.

However, trouble began when he attempted to withdraw his so-called profits. Instead of gaining access to his funds, he was told he needed to pay various tax-related charges. It was only then that he realised he had been scammed.

This tactic, giving early returns to gain a victims trust, is a common strategy among fraudsters. The illusion of initial success encourages victims to invest larger sums, making them more vulnerable to financial loss once the scheme collapses. Read this article to learn more: https://www.wikifx.com/en/newsdetail/202503148244401400.html

Following the incident, the businessman lodged a police report in Shah Alam. The Selangor Commercial Crime Investigation Department has since launched an investigation under Section 420 of the Penal Code, which covers cheating and dishonesty.

Police have issued warnings to the public, urging greater caution when engaging with online investment platforms. Hussein highlighted the risks of trusting opportunities promoted through digital channels, especially those that promise high returns with minimal risk.

He further stressed the importance of verifying the legitimacy of financial and investment applications. He recommended that investors ensure such platforms are approved by Bank Negara Malaysia or the Securities Commission. Additionally, the public is encouraged to report suspicious investment offers or scam-related interactions to the National Scam Response Centre.

The incident underscores the growing sophistication of online fraud and serves as a stark reminder that when it comes to investments, if something seems too good to be true, it probably is.