Victim fell for forex scam promising high returns, losing over S$635,000 in weeks.

A 70-year-old businessman from Johor has reportedly lost RM2.1 million (S$635,000) to a foreign currency investment scam. The victim, lured by promises of quick profits, made multiple transactions before realizing he had been deceived.

In November 2024, a Johor clothing store owner was added to a WhatsApp group promoting a foreign currency investment scheme. The group promised high returns, convincing the businessman to engage further.

Believing in the scheme’s legitimacy, the victim made multiple transfers totaling RM2.118 million (S$635,000) to bank accounts provided by the scammers. The transactions occurred over several weeks, from November to early December.

The scammers directed the victim to download an app to monitor his “investments.” Initially, the app displayed a profit of RM6.2 million (S$1.88 million). However, attempts to liquidate shares or withdraw profits were unsuccessful.

Realizing he had been scammed, the businessman lodged a report with the Batu Pahat police on December 17, 2024. Johor police chief Datuk M. Kumar confirmed the case is being investigated under Section 420 of the Penal Code for cheating.

Datuk Kumar urged the public to be cautious of investment offers on social media and online platforms. He emphasized verifying opportunities with credible authorities such as Bank Negara Malaysia and the Securities Commission.

Read More: Profit in 60 Minutes: Johor Scams Target O&G and Factory Workers

To combat such scams, authorities encourage the public to follow updates from the Commercial Crime Investigation Department (CCID) on platforms like Facebook, Instagram, and TikTok.

This case underscores the prevalence of online scams in the region. Singaporeans and international investors must remain vigilant, thoroughly verify investment opportunities, and stay informed about emerging fraud tactics. Such incidents highlight the importance of digital literacy in protecting against financial fraud.

A Johor businessman lost RM2.1 million (S$635,000) to an online forex scam after being added to a WhatsApp group promising high returns. Police urge the public to verify investment offers and stay informed on commercial crime prevention strategies.

Sources: The Borneo Post, The Star (2024)

Keywords: Johor Businessman, Online Investment Scam, S$635,000 Loss