Retiree Loses RM100,000 in Fake Investment Scheme that Promised 18% Return

A 57-year-old former oil rig worker lost more than RM100,000 in savings after falling victim to an investment scam that claimed to offer Syariah-compliant returns.

According to Assistant Commissioner of Police Azli Mohd Noor, the victim was first told about the investment in January 2023 by a friend. He later joined an online session organised by the companys sales agent to learn more.

The company offered several investment plans. Each one promised profits based on how much money was invested. The man chose a plan that required RM150,000. In return, he was promised an 18% yearly profit for three years, with payments made every three months. This meant he expected to receive about RM6,700 every quarter, or a total of RM72,000 over the full period.

For a while, everything seemed to go as planned. The man received RM40,500 in several payments. But the profits suddenly stopped on 29 October 2024. When he asked the company about it, they gave different excuses but no real answer. He has not received any more money since then.

The man reported the case to the police on Monday. Authorities are now investigating the matter under Section 420 of the Penal Code, which deals with cheating.

Police have warned the public to be careful when offered investments that promise high returns. Many scams use attractive profit figures to lure victims.

In a separate case in Melaka, police arrested two women who were allegedly involved in an online loan scam. The suspects, aged 25 and 33, were caught during a raid in Desa Cheng Perdana.

Melaka police chief Deputy Commissioner Dzulkhairi Mukhtar said the women were believed to be part of a group offering fake loans through online platforms. These fake loans ranged from RM10,000 to RM60,000, with an advertised interest rate of 2.88%.

The women acted as customer service agents, contacting people from a list of phone numbers given to them by someone else. They were each paid RM2,000 per month for their role in the scam.