KULAI: A 65-year-old pensioner lost RM873,000 to a fraudulent investment scheme promising lucrative returns, within a month after he made online bank transfers.
He was promised up to 30 per cent profits on his capital investment, with payouts within three days.
Believing that the investment was legitimate, the pensioner made 19 online bank transfers amounting to RM873,000 to seven bank accounts between Oct 18 and Nov 27.
Kulai police chief Assistant Commissioner Tan Seng Lee said the investment site that the victim registered on showed he had made RM2.36 million in profits.
However, efforts to withdraw the profits proved to be futile.
His account was eventually blocked, which prompted him to lodge a report yesterday.