Drawn by the appeal of promising returns, a Singaporean engineer lost nearly S$600,000 to a Malaysia-linked investment scam.
According to Malaysia news outlet The Star, the 64-year-old man came across an investment ad on Facebook last December.
After clicking on the advertisement, the man was added to a WhatsApp group where he was informed about the investment process.
He was told that after providing an initial sum, the company would help to invest his money, promising returns of between 5% and 12%.
Between February and March this year, the man transferred sums amounting to RM1,948,000 (S$592,975) to a Malaysian bank account.
The elderly man only realised that he had fallen victim to the scam after failing to withdraw profits from an app he installed to monitor his investment.
Efforts to contact the “investment agent” also failed, reports Malay Mail.
Johor police chief Datuk M. Kumar said the man lodged a report with Malaysian police on Thursday (17 Oct).
The case is currently under investigation for cheating.
Commissioner Kumar took the opportunity to remind members of the public to be vigilant about online investment schemes promising high returns.
Also read: Man in M’sia scammed of S$7K by ‘S’porean woman buying sperm to get pregnant’
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