Hooked by High Returns: How She Lost RM447,300 to a Scam

A woman in her 60s has lost over RM447,000 after falling victim to a fake investment scheme she discovered on social media. The case is now under investigation by Malaysian police, who have opened a file under Section 420 of the Penal Code for cheating.

According to Sibu District Police Chief Assistant Commissioner Zulkipli Suhaili, the woman first made contact with a scammer on Facebook in January. She was later introduced to another person through WhatsApp, who invited her to join a stock trading investment group.

After being added to a WhatsApp group filled with fake investors sharing stories of big profits, the woman believed the scheme was real. Encouraged by what she saw, she decided to invest her money.

From 16 April to 20 May, she made 33 payments into five local bank accounts. In total, she transferred RM447,300, thinking she was buying into a stock trading opportunity. She used an app provided by the scammers to check her supposed earnings, which showed growing profits.

Trouble began when she tried to withdraw RM800,000, which was the amount she believed she had earned. The scammers told her the investment was still ongoing and that she needed to put in more money before she could take anything out. Thats when she realised it was a scam.

Police are reminding the public to be very careful when dealing with online investments, especially those promising high or guaranteed returns. Many scams appear on platforms like Facebook and WhatsApp, often looking very professional and convincing.

Authorities recommend checking any investment scheme with official sources like Bank Negara Malaysia (www.bnm.gov.my) or the Securities Commission Malaysia (www.sc.com.my). There are also helpful tools like the WikiFX mobile app, which can be downloaded for free from Google Play or the App Store.

WikiFX allows users to check if a broker or investment platform is properly registered and licensed. It provides reviews, safety ratings, and alerts about possible risks. This helps users avoid falling into the traps set by fake or illegal companies.

Police continue to investigate the case and are working to find those responsible. In the meantime, they urge everyone to stay alert and do proper research before investing money online.