Why Smart Malaysians Keep Falling for Online Scams: Johor Trader Loses RM2.1 Million in Forex Fraud
JOHOR BARU: Online scams continue to claim victims, with a 70-year-old clothing trader from Johor Baru losing a staggering RM2.1 million in a forex investment scheme.
Johor police chief Comm Datuk M. Kumar shared that the victim had joined a WhatsApp investment group in November 2024, lured by promises of quick and lucrative returns. Over time, the victim transferred RM2,118,000 into multiple bank accounts linked to the scam, believing the investment was legitimate.
Adding to the deception, the scammers provided access to a fraudulent mobile application that displayed fake profits. The victim was led to believe that their investment had grown to RM6.2 million. However, when attempts to withdraw the funds failed, the victim realised the scam and promptly lodged a police report.
The case is now being investigated under Section 420 of the Penal Code for cheating. Those found guilty under this section face severe penalties, including up to 10 years in prison, whipping, and fines.
Comm Kumar highlighted the growing sophistication of online scams and issued a stern warning to the public to remain vigilant. “Always verify investment opportunities with credible authorities like the police, Bank Negara Malaysia, or the Securities Commission,” he advised.
To stay informed and protect yourself, follow the Royal Malaysia Police Commercial Crime Investigation Department (CCID) on Facebook, Instagram, and TikTok. Their updates provide valuable insights into the latest scams and preventive measures.
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