KUALA LUMPUR, March 6 – In a shocking turn of events, a 58-year-old insurance agent has fallen victim to an elaborate investment scam, losing a staggering RM1.58 million. The incident is believed to be linked to gambling activities in Singapore and unfolded last year.
The woman’s ordeal began in November 2024 when she received a seemingly innocuous message on WhatsApp from an individual who piqued her interest. Intrigued by the prospect of making money through investments, she was drawn into what would soon become a financial nightmare.
After registering for the scheme, she was quickly contacted by someone impersonating a customer service officer. This individual expertly guided her through the process, instructing her to make several payments to initiate her investment.
With each transfer, her hopes of financial gain grew, but so did the deception surrounding her. As the months passed, it became increasingly clear that she had been ensnared in a web of lies, ultimately leading to her significant financial loss.
Authorities are now investigating the case, hoping to track down those responsible for this fraudulent operation.
Between December 19, 2024, and February 20, 2025, a troubling series of events unfolded for the victim. Over this span, she made a staggering 27 fund transfers to six separate bank accounts, each linked to different companies.
The investigation led by Ramli revealed a disturbing reality: much of the money she transferred came not only from her savings but also from a mix of bank loans, four credit cards, and even financial help from friends.
Initially lured by promises of high returns, the victim was enticed into a web of deceit. As time passed, her optimism turned to despair when the promised profits failed to materialise. Instead of receiving returns on her investments, she found herself under constant pressure to make additional payments just to withdraw what she thought were her profits.
Realising the extent of the deception, she sought help, prompting authorities to take action. The case is currently being investigated under Section 420 of the Penal Code, highlighting the serious nature of this financial fraud.
In a concerning development, local authorities have issued a stark warning about a sophisticated investment scam that employs deepfake technology to mislead potential victims.
Ramli, a police spokesperson, reported that the fraudulent scheme is being promoted through a Facebook advertisement. This ad features a convincingly manipulated video of Tesla Inc. CEO Elon Musk alongside Seputeh MP Teresa Kok, creating the illusion that they are endorsing the investment opportunity.
The ad claims that individuals can start investing with as little as RM1,200, with promises of astronomical returns—up to RM100,000 per month. To further entice investors, it misleadingly asserts that the Malaysian government has officially approved the scheme, adding an air of legitimacy.
Authorities are urging the public to exercise caution and scepticism when encountering such offers online. Ramli emphasised the importance of vigilance, reminding people that if an investment sounds too good to be true, it likely is. The police are actively investigating the matter, but they stress that prevention is key to avoiding these elaborate scams.
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