Selangor: An elderly man lost RM5.02 million after falling victim to a non-existent investment scheme on social media. Selangor deputy police chief DCP Zaini Abu Hassan said the 72-year-old company manager was attracted by an advertisement in early March and contacted the suspect via WhatsApp.

According to BERNAMA News Agency, the victim was added to a WhatsApp group and instructed to download an app to register as a new investor. During this period, he made periodic cash transactions to four different accounts, amounting to RM5.02 million.

Zaini stated that the victim filed a police report in Serdang after realizing he had been deceived when asked to make additional payments for tax purposes to retrieve his invested money. The case is currently being investigated under Section 420 of the Penal Code for cheating.

He also advised the public to exercise caution with investment offers on social media that promise lucrative and unreasonable returns, particularly schemes not recognized by Bank Negara Malaysia (BNM) or the Securities Commission Malaysia (SC).