33 Transfers Later, His Savings Were Gone Entirely

A Malaysian man has lost over RM326,000 in an online investment scam after falling prey to fraudulent advertisements promising extraordinarily high returns of up to 200% within a week. The victim, convinced by the deceptive claims, made 33 separate transactions over just six weeks, only to realise he had been scammed.

According to Superintendent Lai Yew Lik, Head of the Commercial Crime Investigation Department in Kedah, the case came to light when the victim lodged a police report on the evening of 17 June in Kuala Muda. The report revealed a sophisticated investment scam that had been operating under the guise of legitimate financial platforms.

The victim first encountered the fraudulent scheme on 20 April through a YouTube advertisement that promoted an investment opportunity. Intrigued by the promise of rapid returns, he clicked on the provided link and made contact using several phone numbers listed in the advertisement, including 017-2622519, 016-2754226, and 019-7831604.

The scammers guided the victim into participating in three fictitious investment programmes, which were falsely presented under the names “Neuberger Berman,” “Tower CapitalAsia,” and “Hifa Wenxy.” These names were used to give the appearance of legitimacy, but authorities have confirmed that none of these investment platforms actually exist.

Between 20 April and 1 June, the victim was systematically persuaded to transfer money into 12 different bank accounts across 33 transactions. The total amount sent amounted to RM326,464.27.

In an attempt to gain the victims trust, the perpetrators initially returned RM53,538 as an alleged early return on investment. This tactic successfully convinced the victim to continue investing with the expectation of receiving even larger profits, which the scammers claimed would be repaid with both capital and interest.

It wasnt until the victim was repeatedly unable to withdraw his funds that he began to suspect something was wrong. Realising he had been duped, he filed a police report seeking assistance.

Superintendent Lai highlighted that this case serves as a warning to the public to remain cautious about investment opportunities that sound too good to be true. Fraudsters are increasingly using social media and online platforms to lure victims into scams with the promise of quick and unrealistic financial gains.

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