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Retiree loses RM730,000 to investment scam

29 Dec 2023 03:21pm
Photo for illustration purposes only. - 123RF
Photo for illustration purposes only. - 123RF

KUANTAN - A 65-year-old retiree lost a total of RM730,000 after being duped into investing in a non-existent online investment scheme.

Pahang Police chief Datuk Seri Yahaya Othman said the woman was interested in joining the investment scheme offered via the Instagram application, which promised a 20 per cent profit.

He said the woman then registered through the Bitpanda website, which served as the official platform for investors, and transferred RM730,000 in 19 transactions to 14 different accounts from April 20 to June 9.

"The victim used all her savings and also borrowed money from her friends to invest. Initially, she managed to withdraw a profit of RM5,000, after which she could not access the website and the suspects also told her to deposit more money for the investment,” he said in a statement today.

He said the victim lodged a police report at the Kuantan District Police Headquarters yesterday and investigation is being carried out under Section 420 of the Penal Code for cheating.

Yahaya advised the public to constantly be wary of non-existent investment syndicates and not to be easily swayed by investments promising lucrative returns. - BERNAMA

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