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Abstract:A 67-year-old retired private sector employee fell victim to an elaborate investment scam, losing RM1.7 million in just two months. The scam originated in late August last year when he came across an investment project named "UVKXE" on Facebook.
A 67-year-old retired private sector employee fell victim to an elaborate investment scam, losing RM1.7 million in just two months. The fraudsters, masquerading as online financial 'gurus,' lured the victim into a scheme promising lucrative stock market returns.
According to Selangor Police Chief Datuk Hussein, the victim, a Chinese Malaysian, lodged a police report in Petaling Jaya after realising he had been deceived. The scam originated in late August last year when he came across an investment project named “UVKXE” on Facebook. Drawn in by its promises, he was soon added to a WhatsApp group.
The group was managed by individuals using the aliases “Prof. Lim” and “Branda Ng.” They convinced the victim that by participating in both domestic and international stock investments, he would receive substantial returns. He was instructed to transfer funds to six different bank accounts, making a total of 16 transactions amounting to RM1.7 million.
By October, “Prof. Lim” informed the victim that his investments in both Malaysia and the United States had reached their limit. He was then encouraged to invest further in Bitcoin and other cryptocurrencies. However, after failing to receive the promised returns, the victim realised he had been scammed.
Authorities have classified the case under Section 420 of the Penal Code, which deals with fraud. The police have urged the public to exercise extreme caution when encountering investment schemes on social media, especially those offering unrealistic returns. They also emphasised the importance of verifying whether financial platforms or applications have been approved by Bank Negara Malaysia or the Malaysian Securities Commission.
For individuals who suspect they have been targeted by fraudsters, the National Scam Response Centre (NSRC) hotline at 997 is available for assistance, advice, and reporting of suspicious activities.
Under no circumstances should you engage with an investment scheme advertised on social media that promises high returns or sounds too good to be true without exercising caution. If in doubt, download the free WikiFX mobile application from Google Play or the App Store. This global broker regulatory query platform, at your fingertips, provides detailed information about brokers, including their regulatory status, customer reviews, and safety ratings. It allows users to verify the legitimacy of investment platforms before committing their money. With access to in-depth insights and risk alerts, WikiFX equips potential investors with the tools to make informed decisions and steer clear of unauthorised or unlicensed entities. By using WikiFX, users can safeguard their savings and avoid the costly traps of fraudulent investment syndicates.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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