An 84-year-old man in Malaysia has been scammed out of RM500,000 by a fraudulent investment scheme operating through a WhatsApp group. The victim was lured in by promises of high returns and lost a significant sum of money after making multiple payments to unknown bank accounts.
An 84-year-old man in Malaysia has lost RM500,000 to a fraudulent investment scheme operating through a WhatsApp group. Johor Bahru North District police chief ACP Balveer Singh Mahindar Singh revealed that the victim reported the incident yesterday. According to the victim's statement, he was invited to an investment-focused WhatsApp group in October of last year. He subsequently engaged in communication with an individual identified as 'Dong Yuan' via a US phone number +1(720)9843320.
The promise of up to 100 percent returns enticed the victim to download a mobile application called 'DIGZAXXCE' to monitor his supposed earnings. Between January 6th and 15th, the victim issued 12 cheques totaling RM500,000 to two separate bank accounts. The victim only realized he had been scammed when his accountant alerted him to the fraudulent nature of the investment. This occurred after he was asked to pay an additional fee in US dollars to withdraw the promised high profits, as instructed through a provided link. The victim was threatened that refusal to make this payment would result in his profits being frozen.ACP Balveer Singh confirmed that the case is being investigated under Section 420 of the Penal Code for cheating. This charge carries a maximum penalty of 10 years imprisonment, caning, and a fine upon conviction. The investigation will also delve into the involvement of any money mule accounts used in the scheme. The police chief urged the public to exercise extreme caution against the increasing prevalence of online scams and to avoid falling prey to investment opportunities that guarantee unrealistically high returns with minimal effort.
INVESTMENT SCAM WHATSAPP FRAUD ONLINE SCAM MALAYSIA
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