Online Investment Scam: 67-Year-Old Man Loses RM974,000
Investment Scam in Perak: A Lesson for the Public
A recent case in Perak has highlighted the dangers of online investment scams, with a 67-year-old man falling victim to a fraudulent scheme and losing a staggering RM974,000. The incident serves as a stark reminder for the public to exercise extreme caution when considering investment opportunities online.
How the Scam Unfolded
According to Acting Perak police chief DCP Zulkafli Sariaat, the victim, while browsing Facebook on December 4, came across an advertisement for a stock investment promising a 20% return within half an hour on a RM5,000 investment. The victim clicked on a link provided by a female suspect, which led to a WhatsApp group (National Malaysian Finance Management Association) and was instructed to download the PGLO.PRO app.
The Consequences of Falling for the Scam
As a result, the victim made 16 online payments to three different bank accounts, totaling RM974,000. It wasn’t until January 11, 2025, that the victim discovered through a Google search that the investment did not exist. The loss is a significant financial blow to the elderly man, and a cautionary tale for others who may be considering similar investment opportunities.
A Warning from the Police
DCP Zulkafli Sariaat has warned the public to be vigilant when it comes to online investment opportunities, especially those promising high returns. "We advise the public to carefully scrutinise any suspicious investment offers and avoid falling for schemes promising high returns, especially if the companies involved are not registered with the Securities Commission, Bank Negara, or the Companies Commission of Malaysia," he said.
Precautions to Take
To avoid falling victim to online investment scams, the public can take the following precautions:
- Be cautious of unsolicited investment opportunities, especially those with unusually high returns
- Research the company and its reputation before investing
- Verify the company’s registration with relevant authorities, such as the Securities Commission, Bank Negara, and the Companies Commission of Malaysia
- Be wary of companies that make unrealistic promises or use high-pressure sales tactics
- Never provide personal or financial information to unsolicited callers or messages
Conclusion
The case of the 67-year-old man in Perak serves as a stark reminder of the importance of being cautious when it comes to online investment opportunities. By being vigilant and doing their due diligence, individuals can protect themselves from falling victim to fraudulent schemes and preserve their hard-earned savings.
Frequently Asked Questions
Q: What are some common signs of an online investment scam?
A: Look out for unsolicited investment opportunities, unusually high returns, and pressure to make a quick decision.
Q: How can I verify the registration of an investment company?
A: Check the company’s registration with the Securities Commission, Bank Negara, and the Companies Commission of Malaysia.
Q: What should I do if I suspect an online investment scam?
A: Report the incident to the relevant authorities, such as the police, and avoid providing any further information or releasing any funds.