Retiree loses RM80,000 in WhatsApp investment scam
KUALA TERENGGANU: A 63-year-old retiree lost RM80,000 after falling victim to a non-existent online investment scheme promoted through WhatsApp.
District police chief assistant commissioner Azli Mohd Noor said the victim joined the scheme earlier this month after being introduced to it by an acquaintance.
He said the victim was lured by promises of substantial returns within a short period.
"Initially, the victim invested RM93,525 from his retirement savings and received a return of RM18,000 on Nov 11.
"Encouraged by the profit, he made three further transactions totalling RM80,000 on Nov 12. However, he did not receive any returns and was told that his investment had yet to reach the RM100,000 threshold," he said.
He said the victim realised he had been cheated when he was instructed to make an additional payment of RM50,000 to access the promised profits.
He said the victim lodged a police report at 6.20pm yesterday, adding that police were investigating the case under Section 420 of the Penal Code.
The offence carries a maximum penalty of 10 years' jail, and whipping.
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