RM400 investment bait costs retiree RM26,505

MIRI : A retiree was left RM26,505 poorer after he fell for an online investment scam that demanded more money before the supposed returns could be released.

The 64-year-old was drawn in by an investment advertisement on Facebook promoting a company using the name Alpine Advisory Sdn Bhd.

Miri police said the victim subsequently communicated with an individual through WhatsApp and was told that an initial investment of RM400 could yield RM7,440 within six to 24 hours.

Enticed by the promise of quick returns, the victim made several payments to different bank accounts.

The scam took another turn when the victim was told the investment had supposedly generated RM82,280.13 in profits, but he had to pay RM10,444.94 in purported sales and service tax (SST) before the money could be released.

Even after making the payment, the promised profits remained elusive.

The victim was then asked to pay another RM6,500, allegedly due to a delay in settling the tax.

Realising something was amiss, the retiree lodged a police report on October 9 after losing RM26,505.07. He had yet to recover the money or receive any of the promised returns.

Police said the case is being investigated under Section 420 of the Penal Code for cheating and dishonestly inducing the delivery of property.

Members of the public are urged not to be taken in by investment schemes promising unusually high returns within a short period, especially those promoted through social media.

Potential investors are advised to verify investment offers through official Securities Commission Malaysia channels and check suspicious bank accounts and telephone numbers using the police’s Semak Mule portal before transferring money.