Retiree Loses RM118,000 Through Fake Stock Investment Website

A 66-year-old retiree in Johor has lost RM118,000 of his personal savings after registering on a fraudulent share investment website.

The victim reportedly discovered that money had been withdrawn from both his bank account and Touch 'n Go account without his authorisation, raising serious concerns over the security risks associated with disclosing sensitive financial information to unverified investment operators.

According to Johor Baru (South) police chief Assistant Commissioner Azrul Hisham Mohd Shaffei, the retiree became interested in share trading in early July after encountering an investment website online. Believing the platform offered an opportunity to participate in the stock market, he proceeded with registration and submitted personal information, including details connected to his financial accounts.

Police investigations revealed that 16 unauthorised transactions were carried out between July 28 and August 4, although the victim only became aware of the missing funds on September 15.

Of the total RM118,000 stolen, nine transactions involving RM77,702 originated from the victim's bank account. Another seven withdrawals, amounting to RM40,298, were traced to his Touch 'n Go account.

Authorities have launched investigations into the accounts involved in receiving the funds and are working with financial institutions to obtain relevant transaction records.

Police are also attempting to identify and apprehend the individuals responsible for the suspected fraud.

The case is being investigated under Section 420 of the Penal Code for cheating and Section 4(1) of the Computer Crimes Act 1997.

Investors should verify the regulatory status of investment providers through the Securities Commission Malaysia and Bank Negara Malaysia, where applicable, before committing funds or sharing personal information.

Platforms such as WikiFX can also serve as supplementary resources when researching forex brokers, although independent regulatory verification remains essential.