RM720,800 Lost to an Online Investment Scam Advertised on Facebook

A 58-year-old trader lost RM720,800 after falling victim to an online investment scam promoted through a Facebook advertisement. The scam promised big profits and convinced the man to transfer large sums of money to several bank accounts over a short period.

Seri Alam deputy police chief, Superintendent Victor Genason, said the victim was promised a 50 per cent return on his investment within three months. Believing the offer was real, the man made 15 payments between 25 March and 9 May, sending a total of RM730,500 to four different bank accounts.

Later, the scam continued when the victim was told he needed to make more payments to receive his profits. He followed these instructions, but only received RM9,700 before the scammers stopped responding. When his attempts to contact them failed, he realised he had been cheated.

Police investigations showed that three of the four bank accounts used in the scam had already been reported in 20 other police cases involving similar investment frauds. This shows that the same accounts are often reused in different scams.

The case is now being investigated under Section 420 of the Penal Code, which covers cheating and dishonest dealings. Superintendent Victor Genason urged the public to be careful of online investment offers, especially those that promise high returns with little or no risk. He also advised people to check with trusted financial bodies or official sources before sending money.

One major warning sign in this case was the request to transfer money to multiple bank accounts. This is a common trick used by scammers to make it harder for the police to track where the money goes. Real investment companies use the same official account for all payments and will never ask clients to move money around in this way. If someone is told to deposit funds into different accounts, it is a strong sign that something is not right. People should always stop and check before continuing.

This incident is a clear example of how online scams can lead to big losses. Social media platforms are often used to attract victims with promises of quick profits. These offers may look professional, but they are often fake. To stay safe, people must be cautious, ask questions, and never trust an offer that seems too good to be true.