JOHOR BAHRU: The promise of high returns turned out to be costly for a 74-year-old retiree who lost over RM160,000 (S$48,654) of his savings to a clever investment scam that started with a simple WhatsApp message.
According to Johor Bahru South police chief ACP Raub Selamat, the victim, who lives on Woodlands Drive in Singapore, was contacted by a woman named “Jane Chong,” reported The Star. She asserted that she worked for a Malaysia-based stock trading group and enticed him to join their privileged social group, promising profits of up to 10% on his investments.
The 74-year-old was given a demonstration of how share values could grow. This gave him the confidence to transfer money into various bank accounts supplied by the group. He was promised that his capital and profits would be put into his account within a week.
Over time, the former private sector employee made 18 separate transactions into three different bank accounts, ultimately losing RM160,250. One of these had six records in the Central Credit Reference Information System (CCRIS), while the other two each had one.
Scam unravels as victim tries to access “profits”
The duped individual thought he had gained RM20,000 in profits and was motivated to deposit additional cash to “unlock” his supposed “income,” but when no cash arrived, he knew that he had been swindled and filed a police report on Saturday (Sep 6).
Initial investigations revealed that the suspect’s phone number had no previous scam records, but authorities believe it may have been used for fraud. Police are currently tracking the suspects by reviewing bank and telecommunications data and interviewing bank personnel.
The case is under investigation for cheating under Section 420 of the Penal Code, which could lead to a sentence of one to 10 years in prison, whipping, and a fine upon conviction.
ACP Raub urged the public to stay alert and avoid being influenced by investment offers from social media or messaging apps. “Always check investment schemes through the official ‘Semak Mule’ portal and never trust offers that promise huge returns in a short time,” he warned.
He added that legitimate investments will never require payments into personal bank accounts or guarantee profits. He encouraged anyone encountering suspicious activity to contact the National Scam Response Centre at 997 immediately.
