Retiree Loses RM2.33 Million in WhatsApp Investment Scam

A 62-year-old retired man lost RM2.33 million after falling prey to a fraudulent investment scheme on WhatsApp.

Malaysian police received a report from the elderly man yesterday (March 13) and said the victim claimed that he had received investment advice from a stranger on WhatsApp.

The elderly man was invited into an investment group by a stranger on WhatsApp. After being attracted by the advertisements in the group, he was guided by the administrator to open a trading account on a designated website. The website allegedly allowed the investor to observe returns and manage his investments.

The scammer assured the victim that he could make a profit of up to RM32.2 million. The victim then transferred RM2.33 million to the scammer within about four months. The money was transferred into four different bank accounts.

The Malaysian police warned people not to trust investment opportunities that promise high profits and advised investors to check with Bank Negara and the Securities Commission of Malaysia to see if those investment are licensed by the authorities.