A Malaysian civil servant was also scammed out of RM460,888 when he invested in a 30-year, risk-free, non-performing sovereign bond with a 14% interest because it was introduced on a local Television channel by a man who claimed he was from the Ministry of Finance in the UK.
A 58-year-old pre-retirement employee using Facebook encountered advertisements for PFOU as an investment platform. The scheme looked so real, but it was noticed to be fake at the Miri.
Victim tricked by fake investment platform
Speaking to Seri Alam district police chief ACP Mohd Sohaimi Ishak, the victim signed up with the site in July 2024. She was included in a common group that involved fraudsters who rocked different people to explain how the fraudulent investment scheme operated. They pointed to rather large incomes to persuade her to use the platform for real.
Finally, after several months of pondering it, the victim finally invested in December. She also installed an application called UVKXE, which enabled her to follow the supposed investment and profits in real-time. According to the scammer, between December 30 and January 16, she wired RM460,888 to two bank accounts they offered her.
Suspicions arise after withdrawal request
The appellant initially thought the rigmarole was authentic because she had seen her investments grow on the app and had a profit of about RM5.5 million USDT. But when she decided to cash the RM111,023 she earned, she was charged a management fee of RM 550 152. She became wary of this request and finally realized she had been defrauded. The victim did not pay the additional cost, leading to his reporting to the police.
Authorities pledge to take action
The case extends to cheating under section 420 of the Penal Code. ACP Mohd Sohaimi added that persons convicted could be liable for imprisonment for up to 10 years, whipping, and a fine. Further probes will also be conducted to establish accounts of money mules involved in the scam since this attracts further punishment under Section 424 of the Penal Code.
Police have warned people to be wary of new investment frauds, particularly those related to crypto coins. They encouraged potential investors to seek more information on promising investment plans from other experts and not rely on self-declared gurus.