RM257,000 Lost to Online Investment Scam After Downloading the "Everwise" App

A man in his 40s from Miri has lost more than RM257,000 after falling victim to a fraudulent online investment scheme, highlighting the persistent risks surrounding digital trading platforms and social media-driven financial offers.

Authorities confirmed that the victim was drawn into the scam after making contact with an unknown woman through the RedNote application in early March. Their interaction soon shifted to WhatsApp, where the conversation developed further and ultimately led to discussions about investment opportunities.

According to Miri police chief Mohd Farhan Lee Abdullah, the suspect introduced what was described as a capital investment scheme promising high returns within a short period. The offer appeared convincing enough for the victim to participate, reflecting a common tactic used in online scams where urgency and lucrative returns are used to lower scepticism.

The victim was instructed to download an application named “Everwise” via the Google Play Store. This application was presented as a legitimate trading platform, reinforcing the illusion of authenticity. Over time, the victim carried out 17 separate transactions, transferring a total of RM257,408 into four different bank accounts. Each transaction was reportedly guided by the suspect, who maintained consistent communication throughout the process.

The scheme began to unravel only when the expected returns failed to materialise. Despite repeated promises, no profits were delivered. Instead, the suspect continued to request additional payments, a pattern frequently seen in fraudulent investment operations where victims are encouraged to deposit more funds under the pretext of unlocking profits or covering fabricated fees.

It was at this stage that the victim recognised the deception and lodged a police report. Investigations are currently being conducted under Section 420 of the Penal Code, which deals with offences related to cheating and fraud.

The use of seemingly legitimate mobile applications further complicates detection. Many victims are unaware that such apps can be manipulated or entirely fabricated to display false account balances and trading activity. This creates a convincing illusion of success, encouraging continued investment until significant financial losses occur.

Financial experts have long warned that offers promising unusually high returns within a short timeframe should be treated with caution. Legitimate investment platforms are subject to regulatory oversight and rarely guarantee profits, particularly in volatile markets.

As online trading continues to grow in popularity, so too does the sophistication of scams targeting retail investors. Cases such as this illustrate not only the financial damage inflicted but also the urgent need for greater awareness and vigilance among the public.