JOHOR BARU: A 64-year-old man had been saving his entire life to ensure there was enough money for his retirement, but it took only a month for him to lose almost RM330,000 after falling victim to an online investment scam.
It all started when the man came across an advertisement on Facebook last month for an investment scheme that promised up to 10 percent returns a day based on the capital sum invested.
Upon clicking the advertisement, he was directed to a WhatsApp chat, where a woman explained the quick-return investment scheme to him.
Convinced by the explanation, the man signed up to join the scheme and made 23 online cash transfers to seven bank accounts between Nov 22 and Dec 20.
Johor Baru (North) police chief Assistant Commissioner Balveer Singh said the man sensed something was amiss when he was asked to make additional payments to withdraw his profits, to which he refused.
"Realising he had been scammed, he lodged a police report yesterday.
"Efforts to identify the bank account holders, believed to be mule accounts, are underway," he said.
He added that the case is being investigated under Section 420 of the Penal Code for cheating.