Tue, 18 Feb 2025
Headlines:
Retiree loses RM4mil after being added in WhatsApp group
Published on: Friday, June 07, 2024
Published on: Fri, Jun 07, 2024
By: FMT
Text Size:
Text:
Retiree loses RM4mil after being added in WhatsApp group
Shah Alam police chief Iqbal Ibrahim said the victim was lured by promises of high returns of 11% to 13% and continuous profit growth as long as she invested more money. (Facebook pic)
PETALING JAYA: A senior citizen lost over RM4 million to an investment scam, which started with her seeing an advertisement on Facebook and then being added to a WhatsApp group.

Shah Alam police chief Iqbal Ibrahim said the 63-year-old retiree first saw the advertisement in mid-March. After being added to the WhatsApp group, she was asked to open a Foreign Direct Investment Hub (FDI Hub) account for investment purposes.

Advertisement
“The victim was lured by promises of high returns of 11% to 13% and continuous profit growth as long as she invested more money,” Iqbal said in a statement.

She opened the FDI Hub account and made 42 transactions from March to the end of May, totalling RM4,749,214.

SPONSORED CONTENT
When it comes to skincare, the first thought on our minds would be beauty products such as serums, creams, and masks. However, beauty experts and even researchers have stated that drinking more water can be just as crucial for your skin's health.
After “investing” and supposedly accumulating RM11.3 million in the account, she attempted to withdraw her funds but found that no money had been transferred into her bank account.

She then lodged a report at the Section 9 police station in Shah Alam.

Advertisement
An investigation is being held under Section 420 of the Penal Code for cheating, which carries a jail term of one to 10 years, with whipping and a fine, upon conviction.

Iqbal urged the public to be cautious of investment advertisements, especially those shared via social media platforms, that promise high returns in a short time.

Advertisement
“Investments should be made through legitimate platforms registered with Bank Negara Malaysia. The public may verify the registration of investment companies on BNM’s website.

“Suspicious investment advertisements or offers should be reported to the police immediately,” he said.
* Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss.

* Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available.
Advertisement
Share this story
Advertisement
Advertisement
Advertisement
Follow Us  
Follow us              
Daily Express TV  
© Copyright 2025 Sabah Publishing House Sdn. Bhd. (Co. No. 35782-P)
close
Try 1 month for RM 18.00
Already a subscriber? Login here
Try 1 month for RM 18.00
open
Try 1 month for RM 18.00
Already a subscriber? Login here