RM15 Million Gone in Fake Investment Scam

A 77-year-old Malaysian retiree has suffered financial losses totalling RM15.1 million after falling victim to an elaborate share investment scam orchestrated by an individual she knew personally.

The case is being handled by the Commercial Crime Investigation Department at Bukit Aman. Acting director Datuk Seri Rohaimi Isa confirmed that the victim filed a police report on 14 April at the Brickfields police headquarters.

According to investigators, the retiree was introduced to a businessman through someone she trusted. This businessman offered her shares in a local company and said he would hold them in trust for her. He then introduced her to a second man, who was described as the purchasing agent for the investment.

The victim was shown a number of documents that appeared to prove the deal was real. These documents helped convince her to move forward. Between 2020 and 2021, she made a series of payments to three individuals, including the main suspect. The money was paid through cash cheques, bank transfers, and direct cash deposits. The total amount lost was RM15.1 million.

By 2021, she began asking for the shares to be transferred into her name. She also requested proof that the shares had been bought. However, her repeated requests were met with delays and excuses from the suspects.

Subsequent investigations revealed that some of the documentation shown to the victim had been forged. A number of WhatsApp message screenshots, purportedly depicting conversations between the main suspect and a well-known figure in the investment sector, were in fact fabricated and found to be exchanges between the two suspects themselves.

Experts advise against succumbing to pressure tactics or confidentiality demands, both of which are common red flags in fraudulent schemes. Furthermore, instructions to transfer money to various bank accounts or to make payments in cash should be treated as serious warning signs.

Authorities are continuing their investigation under Section 420 of the Penal Code, which pertains to cheating.