Elderly Malaysian Businessman Loses RM704K to WhatsApp Investment Scam

A 73-year-old businessman in Malaysia has suffered a financial loss of RM704,000 after falling prey to a fraudulent investment scheme promoted on WhatsApp.

According to Acting Kemaman District Police Chief, Deputy Superintendent Wan Muhamad Wan Jaafar, the man was drawn to an advertisement for an investment scheme named “Saham L-5 Cicc Investment.” The scheme promised high returns, leading the victim to engage with it. Over time, the businessman transferred money in ten separate transactions to three different bank accounts, amounting to a total loss of RM704,000.

After realising that no returns were forthcoming, the victim reported the matter to the authorities last Monday. The case is now under investigation, classified under Section 420 of the Penal Code, which addresses offences related to cheating.

The police have urged the public to exercise caution and thoroughly verify the legitimacy of investment opportunities before participating. Authorities emphasised the importance of being vigilant, especially when encountering schemes that guarantee quick and substantial profits.

Officials advised individuals to seek information from credible sources such as the Semak Mule CCID portal, Bank Negara Malaysia (BNM), and the Securities Commission (SC). These platforms provide resources to verify the authenticity of financial schemes and protect the public from falling victim to scams.

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