58-Year-Old Insurance Agent Fell Victim to a Multi-Million Ringgit Fraud

A 58-year-old insurance agent in Malaysia has lost RM1.58 million to an investment scam. She lodged a police report in Georgetown, Penang, on 28 February 2025 after realising she had been deceived.

Bukit Aman Commercial Crime Investigation Department (CCID) director, Commissioner Datuk Seri Ramli Mohamed Yoosuf, said the victim first met the scammer through WhatsApp in November last year. The man, who introduced himself as Goh, convinced her to join an investment scheme that he claimed was linked to gambling activities in Singapore.

The victim was asked to download an investment application recommended by the scammer. After registering an account, another individual contacted her and instructed her to make payments to start investing. Believing the scheme was legitimate, she followed the instructions and began transferring money.

Between 19 December 2024 and 20 February 2025, she made 27 transactions, sending funds to six different bank accounts under various companies. The total amount lost reached RM1.58 million. Investigations showed that most of the money came from bank loans and charges on four credit cards. She also borrowed from friends and used part of her savings to fund the investments.

She only realised the scam when she failed to receive any returns. When she tried to withdraw her supposed profits, she was asked to make additional payments. At that point, she understood that she had been deceived and reported the matter to the police.

Authorities are investigating the case under Section 420 of the Penal Code, which covers cheating and dishonestly inducing the delivery of property. The police have urged the public to be cautious when dealing with investment offers, especially those that promise high returns with little risk.

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