Pensioner loses nearly half a million to fake investment promising 40pct returns

KULAI: A 77-year-old retiree has lost nearly half a million ringgit after falling victim to an online investment scam promising instant returns of up to 40 per cent within 24 hours.

District police chief Assistant Commissioner Tan Seng Lee said the victim was enticed by a syndicate claiming that profits would be credited into an application he was instructed to download.

Drawn in by the promise of high returns, the retiree made 12 transactions totalling RM473,000 into three bank accounts between Sept 16 and Oct 18.

Tan said the victim had checked the apps, which showed an absurd ‘profit’ of RM2.63 billion. However, when he attempted to withdraw the funds, his account was blocked.

Realising he had been scammed, he lodged a police report yesterday.

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

Tan urged the public to be cautious and not fall for investment schemes that promise unrealistic profits in a short period.

© New Straits Times Press (M) Bhd

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