Retired lecturer loses over RM1 mln in online investment scam

Johor police chief M. Kumar said the 61-year-old man lodged a police report on March 22.

He said the victim claimed to have been in contact with an individual on the WhatsApp application after joining an investment scheme known as Gold Futures XAUUSD, which was advertised on Facebook last December.

"The individual provided explanations about the investment and the victim was promised returns of between five and eight per cent of the capital amount within a day, each time an investment transaction was made.

"However, the victim suspected he was deceived after failing to withdraw any profits despite making payments totalling over RM1 million to several accounts," he said in a statement today.

He said the case is being investigated under Section 420 of the Penal Code.

Kumar advised the public to be cautious and not fall for investment offers on social media promising easy and substantial returns.

He said they should check with agencies like Bank Negara Malaysia and the Securities Commission to ensure the investment opportunities were genuine.

"In addition, utilise the online 'Semak Mule' services to verify the status of bank accounts and suspect phone numbers before making any payments," he said.

-- BERNAMA