Two men in their 70s from Malaysia have suffered significant financial losses after falling prey to investment scams operating on Facebook and WhatsApp. The scams involved promises of high returns on non-existent trading platforms and cryptocurrency investments.
Two elderly men in their 70s have fallen victim to investment scams on social media platforms, resulting in combined losses exceeding RM5 million. A 77-year-old man lost RM3.21 million after investing in a fake trading platform called Efa Trade advertised on Facebook . He was enticed by the promise of high returns and made 15 transactions involving three different bank accounts, believing he was investing in international stocks.
He was later informed by Efa Trade that the company was closing and requested a 15 percent commission on his supposed profits to withdraw his earnings. However, when he discovered that the investment documents were fraudulent, he realized he had been scammed and filed a police report. In a separate case, a 70-year-old man lost RM2.21 million after engaging with a fake cryptocurrency investment scheme on WhatsApp. He was initially contacted on Facebook by a local man who offered cryptocurrency investment opportunities. The retiree was then added to the WhatsApp group 'UVKXE', where he was persuaded to invest based on promises of high profits. He made 18 transactions totaling RM2,210,136 but never received any returns before reporting the scam to the authorities. The Selangor Police Chief, Datuk Hussein Omar Khan, confirmed that both cases are being investigated under Section 420 of the Penal Code. He issued a warning to the public to exercise caution against investment offers on social media platforms that promise unrealistic returns, especially those involving financial or investment applications that are not authorized by Bank Negara Malaysia (BNM) or the Securities Commission Malaysia (SC)
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