Was the 200% Return in 3 Months a Scam? Victims Lose RM1.8 Million
A 66-year-old Malaysian businessman has become the latest victim of a high-stakes online investment scam, losing a staggering RM1.8 million after falling for a scheme that promised a 200% return in just three months. The case, which unfolded between November 2024 and January 2025, is currently under investigation by the Johor police.
According to Johor police chief M Kumar, the victim first encountered the fraudulent investment offer through a social media advertisement in October 2024. The promotion claimed extraordinary profits—a 200% return within three months—a classic red flag in financial scams. Enticed by the offer, the businessman clicked the link in the ad, which directed him to download a mobile app and open an investment account.
RM1.8 Million Lost Through Multiple Transfers
Following the app’s instructions, the victim made multiple fund transfers to several different bank accounts over two months. The total loss reached RM1.8 million, all transferred in hopes of securing the promised return.
Initially, the scammer kept in contact, offering constant reassurance and updates. However, as time passed and no returns were paid, the explanations grew vaguer. Eventually, all communication ceased. The victim was locked out of the investment app and blocked from further contact, leading him to realise he had been duped.
A police report was subsequently filed, and the case is now being pursued under Section 420 of the Penal Code, which pertains to cheating and dishonestly inducing the delivery of property.
Police Warn Public Against “Too Good to Be True” Investment Offers
The police are using this case to warn the public about the dangers of online investment scams, especially those that promise unusually high returns in short periods. Authorities urge individuals to verify the legitimacy of any investment platform and to remain skeptical of offers that seem too good to be true.
This incident highlights the ongoing threat of digital fraud and the need for greater awareness and caution, especially among those who may be less familiar with the risks of online financial schemes.
