Fake Facebook Investment Scheme Costs Malaysian Man RM400K

A 60-year-old man from Johor became the latest victim of a fraudulent investment scheme, losing RM406,654 after being lured into what was advertised as a high-return opportunity on Facebook. The scheme, which promised a 10% interest return on invested capital within three months, proved to be a sophisticated scam that left the victim financially devastated.

According to Johor Baru (North) police chief Assistant Commissioner Balveer Singh, the victim came across the fake investment opportunity on May 20. The scheme was marketed under the name “Dimensional” and presented itself as a legitimate option for quick profits. The victim, enticed by the high returns, was introduced to a man named “Vincent,” who presented himself as the scheme's representative.

Vincent convinced the victim to provide his bank account details and facilitated a series of transactions. Between July 25 and October 3, the victim transferred a total of RM461,900 across 30 separate online transactions to seven different bank accounts provided by Vincent. Initially, the victim received RM55,246 as a supposed return on his investment, reinforcing the scams legitimacy.

However, when the victim attempted to withdraw his capital, Vincent suddenly cut off all communication. Realizing he had been duped, the victim lodged a police report, and the case is now under investigation under Section 420 of the Penal Code, which pertains to cheating and dishonestly inducing the delivery of property.

Assistant Commissioner Balveer Singh confirmed that police are tracking the owners of the seven accounts used in the scam, believed to be mule accounts set up to facilitate the fraudulent transactions. He also issued a public warning, urging people to be vigilant against the rising tide of commercial crime, especially online scams promising high returns with little effort.

The authorities are emphasizing the importance of verifying any online investment opportunity before committing funds. The public is encouraged to utilize resources such as the “Semak Mule” service or contact the Commercial Crime Investigation Department (CCID) Scam Response Centre at 03-2610 1559/03-2610 1599 to check the legitimacy of a scheme. Additionally, individuals can reach out to the National Scam Response Centre (NSRC) at 997 before making any financial transactions.

As scams become increasingly sophisticated, the police are reminding the public that it is crucial to exercise caution. Thoroughly investigating the credibility of online investment opportunities or job offers can help prevent financial loss and reduce the risk of falling victim to fraud. The case serves as yet another reminder of the growing threat posed by online scammers, particularly on social media platforms like Facebook.