You Could Be Next: Scams Stealing Millions from Smart People

Two people have lost close to RM6 million to online investment scams, raising concerns about the growing threat of fraud on digital platforms in Malaysia.

In one case, a 54-year-old company manager from Selangor lost RM2.65 million after being tricked by a fake investment scheme promoted on Facebook. According to Selangor police chief Datuk Hussein Omar Khan, the victim clicked on a Facebook ad that led him to a WhatsApp conversation with a woman who introduced herself as “Wendy Lim,” an alleged investment instructor.

She explained the investment programme and later added the man to a WhatsApp group. He followed the programme for two months. At first, he received RM100,000 as a return, which gave him confidence in the scheme.

Encouraged by this, he made 44 transfers totalling RM2,652,000 to nine different bank accounts. The payments were made after he was shown a supposed profit of almost RM8 million on the investment platform. However, when he tried to withdraw the profit, he was asked to pay several taxes first. That was when he realised something was wrong and filed a police report in Shah Alam.

In another case in Sepang, a 69-year-old German national lost over RM3 million in a scam involving people pretending to be from the Inland Revenue Board (IRB) and Bank Negara Malaysia (BNM). The scam started with an email asking him to open a UBS Bank account in Malaysia, claiming a large sum of money would be deposited into it.

To access the money, the victim was told to pay taxes to the IRB and BNM. Between 11 February and 14 April 2025, he made 25 transfers totalling RM3,089,800. After failing to get the promised money, he realised he had been deceived and reported the scam to the police.

Police have opened investigations under Section 420 of the Penal Code, which deals with cheating and fraud. Datuk Hussein explained that scammers often trick victims by showing small early profits to build trust, then asking for more money.

Authorities are warning the public to be cautious of investment schemes advertised on social media, especially those that promise high returns or sound too good to be true. To avoid falling for these scams, users are advised to check the legitimacy of any broker or investment platform before transferring money.

One useful tool is the WikiFX mobile app, which is available on Google Play and the App Store. It provides detailed information about financial brokers, including their licences, user reviews, and risk ratings. By using this app, investors can make informed decisions and avoid scams run by unlicensed or fake companies.

As online scams become more advanced, staying alert and doing proper checks are the best ways to protect your money.