Promised RM2 Million, But Lost Nearly RM800K

A 47-year-old Malaysian woman has suffered a devastating financial loss of RM794,000 after falling victim to a fraudulent online investment scheme that promised to double her returns in a short period.

The woman, who works as an interior designer, came across an advertisement on Facebook in early April. The ad claimed that by simply downloading a specific mobile application and becoming a member, she could earn a 100% return on her investment within a short timeframe.

Enticed by the offer, she reached out via WhatsApp to a person claiming to represent the investment platform. What followed was a carefully orchestrated scam that ultimately led to significant financial ruin.

According to Penang Police Chief Datuk Hamzah Ahmad, the victim transferred funds for nearly two months, from 11 April to 3 June. In total, she made seven separate transactions to seven different company bank accounts. The accumulated amount reached nearly RM800,000.

The scam only became apparent when she attempted to withdraw what was shown as RM2 million in “profits” from her investment account. At that point, she was asked to pay RM200,000 as a “withdrawal tax” before accessing the funds. This raised her suspicions, prompting her to lodge a police report on 16 June.

The case is currently being investigated under Section 420 of the Penal Code for cheating.

Authorities have once again urged the public to remain cautious, especially when dealing with investment offers on social media that claim high returns with minimal risk. Hamzah emphasised the importance of verifying the legitimacy of any financial service providers through official channels such as Bank Negara Malaysia or the Securities Commission.

He recommended using the “Semak Sebelum Labur” (Check Before Investing) website as a quick and reliable way to confirm the authenticity of investment platforms.

Hamzah also warned that scam tactics have become increasingly sophisticated and targeted. Fraudsters are now skilled in exploiting human emotions, particularly greed and trust, to manipulate victims. He stressed the need for widespread public education to raise awareness and prevent others from falling into similar traps.

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