Man loses life savings worth RM485,320 in forex scam

Scam alert. — file pic // Photo: Pixabay

SIBU, May 24: A 50-year-old man was conned of his life savings totalling RM485,320 in a forex scam.

Sibu district police chief ACP Zulkipli Suhaili said the victim had on May 23 lodged a report saying that he had been duped by a syndicate.

“In his report, he claimed that he was included in a chat group that offered forex investment in Hong Kong. He was told by a suspect that he could earn double profit from the investment,” he said.

Zulkipli said as the man was interested in the offer, he downloaded an application called “Meta Traders 4”, and made an initial investment of RM20,000.

Later he saw in the app that his profit including his capital came to RM533,400

However, in order for him to be able to withdraw the amount, he had to deposit money.

“The victim made 109 transactions into two separate accounts from November 2022 until March 2023 totalling RM485,320 with the aim of obtaining his capital and profit of USD$127,000 which is valued at almost RM533,400,”said Zulkipli.

However, the man became suspicious when he was asked to deposit another RM11,000 for ‘agent traders’ to come to Sibu to meet him.

“When he consulted his lawyer, he was told that he had been cheated,” Zulkipli added. — DayakDaily