Seri Alam: A 58-year-old trader lost RM720,800 after falling victim to an online investment scam linked to a Facebook advertisement. Seri Alam deputy police chief Supt Victor Genason reported that the fraud syndicate enticed the victim with a promise of a 50 percent return on investment within three months. This led the individual to make a series of 15 transactions amounting to RM730,500, directed to four different bank accounts between March 25 and May 9.

According to BERNAMA News Agency, the victim was subsequently instructed to make additional payments to access his anticipated returns. Despite these efforts, he only received RM9,700 before realizing the deception when further attempts to reclaim the invested money proved unsuccessful. Investigations have uncovered that three of the four accounts involved in the scam had been previously flagged in 20 separate police reports related to similar investment frauds.

Victor Genason stated that the case is being investigated under Section 420 of the Penal Code. He also emphasized the importance of public vigilance regarding online schemes that promise high returns, advising individuals to verify investment opportunities with legitimate authorities to avoid falling prey to scams.