JEMPOL: An insurance agent incurred a loss of RM666,546 after falling victim to a non-existent investment scheme.
The 61-year-old senior citizen not only used his Employees Provident Fund (EPF) savings but also borrowed hundreds of thousands of ringgit from his friends.
Jempol district police chief, Superintendent Hoo Chang Hook, said the male victim, who resides in Bahau, was initially attracted to an investment scheme on Facebook in September last year.
He said the victim was promised attractive returns in US dollars, and if he invested RM250,000, he would receive a return of RM1.5 million.
"Enticed by the offer, the victim made his first transaction of RM4,220 on Oct 5, 2024, followed by 24 more transactions in stages from Oct 5, 2024 until Jan 7.
"The victim deposited the investment funds into five different bank accounts and was assured of quick returns," he said.
However, by January, the victim had not received any returns and was continually asked to pay investment funds for various purposes.
Chang Hook stated that the victim borrowed money from his friends, claiming it was for donations to charitable organisations.
He said the greed to make quick money can backfire, leading to doubled losses.
The case is being investigated under Section 420 of the Penal Code.