Insurance Agent Scammed Out Of RM666,546 In Fraudulent Investment Scheme

JEMPOL, Jan 17 ( Bernama) -- An insurance agent was scammed out of more than RM660,000 after falling prey to a fraudulent investment scheme advertised on Facebook in September last year. 

Jempol District police chief, Supt Hoo Chang Hook, said the 61-year-old man came across the advertisement on Sept 27 and was attracted by its promise of lucrative returns in US dollars.

"The victim was told that by investing RM250,000, he could earn a return of RM1.5 million in a short time. 

"He used his entire Employees Provident Fund savings and borrowed money from friends to participate in the scheme with RM666,546," he said in a statement today.

He said the victim initially made a transaction of RM4,220 into a designated account on Oct 5, 2024. Subsequently, he made 24 funds transfers to five different bank accounts until Jan 7.

Hoo stated that the victim has yet to receive any returns but continues to be asked for more money under various pretexts.

"The victim finally filed a police report. I urge the public to meet directly with the individuals involved before making any investments and not to transfer money without thoroughly verifying their identity and credibility.

"Also check with the relevant authorities to confirm the legitimacy of the investment company," he said, adding that genuine investment companies typically operate with a single account number.

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

-- BERNAMA