73-year-old Man Loses RM563,560 In Non-existent Investment Scam

BATU PAHAT, Sept 3 (Bernama) -- A 73-year-old man lost RM563,560 after falling prey to a non-existent investment scam.

Batu Pahat police chief ACP Shahrulanuar Mushaddat Abdullah Sani said the victim was enticed by a Facebook advertisement on April 2, which promised high returns.

The senior citizen subsequently engaged with an unknown man via WhatsApp and proceeded to transfer money into five different accounts from June 3 to July 24.

"After transferring the funds, the victim was shown a fabricated portfolio indicating his profits had purportedly ballooned to RM1,770,017.79.

"The suspect then demanded an additional payment to withdraw the fictitious sum, which the victim refused. He never received the promised returns and his initial investment also vanished," Shahrulanuar said in a statement today.

Realising he had been duped, the victim filed a police report yesterday. The case is being investigated under Section 420 of the Penal Code for cheating.

--BERNAMA