Retiree Loses RM1.7 Mln In Investment Scam

SHAH ALAM, Feb 13 (Bernama) -- A retired private sector employee became RM1.7 million poorer after falling victim to an investment scam by a 'professor’.

Selangor police chief Datuk Hussein Omar Khan said that last August, the 67-year-old came across a stock investment platform called "UVKXE Investment” on Facebook and was added to a WhatsApp group managed by two individuals called "Prof Lim” and "Branda Ng”.

He said they promised the victim lucrative returns and convinced him to invest in the local and international stock markets, with the retiree then making 16 cash transactions worth RM1.7 million into six different bank accounts.

"In October 2024, 'Prof Lim’ told the victim that investments in Malaysia and the United States were at a high and suggested that he invest in bitcoin and cryptocurrency.

"The victim realised that he had been scammed when he failed to receive the promised returns,” he said in a statement today, adding that the case is being investigated under Section 420 of the Penal Code.

Hussein also advised the public not to fall for online investment schemes that promised unrealistic returns, especially those not approved by Bank Negara Malaysia or the Securities Commission Malaysia.

-- BERNAMA