S'porean engineer transfers almost S$600,000 to M'sia for 'investment', realises scam half a year later

A 64-year-old Singaporean engineer lost RM1.948 million (S$594,100) to an online investment scam involving a Malaysian bank account.

Saw a Facebook advertisement in December 2023

According to Johor's police chief, the victim saw an investment advertisement on Facebook while in Singapore in December 2023, Malaysian media reported.

The police chief said the advertisement promised "high returns" of between five and 12 per cent, and the man clicked on the link, which added him to a WhatsApp group about investments.

He was briefed on the investment process and told that he only needed to provide the initial capital while the company "managed" his investment.

The victim was then instructed to download an app to register and monitor his investment's status and gains.

Transferred the money to Malaysia, was unable to withdraw profits

Between February and March 2024, the engineer transferred the money to a bank account in Malaysia.

He only realised he had been scammed when he was unable to withdraw the profits shown in the app.

He was also asked to pay additional fees, including taxes, to recover his investment.

The engineer was also unable to contact the "investment agent", according to the police chief.

He made a police report in Johor on Oct. 17, 2024.

The police chief said:

"We remind the public to be cautious of online investment schemes offering high returns.

They should verify the legitimacy of companies or investments with relevant bodies such as the Securities Commission and Bank Negara Malaysia."

Top image via Canva