A self-employed woman in Malaysia fell victim to a fraudulent online investment scheme, losing over RM250,000 after being lured by promises of unusually high returns. Authorities are investigating the case under charges of cheating.
A self-employed woman in Malaysia lost over RM250,000 after being deceived by a fraudulent online investment scheme. The 39-year-old victim was lured in by an advertisement on social media in October, promising an exceptionally high return on investment. According to Jempol OCPD Supt Hoo Chang Hook, the woman was told she would earn a profit of RM1.44 million within two months if she invested RM150,000.
The victim, trusting the improbable promise of such substantial returns, began transferring money into six different bank accounts. Between November 12 and 24, she deposited RM252,004 through 15 transactions, even borrowing from friends to participate in the scheme, which was later revealed to be non-existent. Instead of receiving profits, the scammers relentlessly pressured her to increase her investments for even greater returns.The case is currently under investigation by authorities under Section 420 of the Penal Code for cheating. This section carries a potential penalty of one to 10 years imprisonment, whipping, and a fine upon conviction. Supt Hoo issued a warning to the public, urging them to exercise caution and always verify information with official sources such as Bank Negara before engaging in any investment, especially those that guarantee exceptionally high returns. He also provided contact information for the Commercial Crime Investigation Department Scam Response Centre, urging individuals to report any suspected scams
Investment Scam Fraud Malaysia Online Investment Cheating
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