Senior citizen loses RM704,000 to WhatsApp investment scam

KEMAMAN: An elderly man has lost RM704,000 after falling victim to a fake investment scheme on WhatsApp.

Acting Kemaman District Police Chief Dept Supt Wan Muhamad Wan Ja’afar said the 73-year-old businessman encountered an investment advertisement on the app promising lucrative returns.

“Attracted by the offer, the victim joined the investment scheme known as Saham L-5 Cicc Investment. Consequently, he made 10 transactions into three different bank accounts, resulting in a loss of RM704,000,” he said on Tuesday.

DSP Wan Muhamad then added that the victim has not received any promised returns and filed a police report last Monday.

“The case is being investigated under Section 420 of the Penal Code,” he added.

Wan Muhamad also reminded the public to always be cautious and conduct thorough checks before joining any investment scheme, especially those promising quick and substantial profits.

“In addition, obtain further information from official sources such as the Semak Mule CCID portal, Bank Negara Malaysia (BNM), and the Securities Commission (SC) before deciding to join any investment scheme,” he added.