Elderly Retiree Scammed Out Of RM42,500 In Fake Online Money-Doubling Scheme

KUALA TERENGGANU, Oct 17 – A 71-year-old female government retiree lost RM42,580 after falling victim to an online investment syndicate promising to multiply her savings through a fake money-doubling scheme.

Kuala Terengganu District Police Chief ACP Azli Mohd Noor confirmed the incident in a statement on Saturday, October 17, 2026, stating that the victim initially encountered the fraudulent advertisement while browsing Facebook on October 7.

Lured by promises of massive, rapid returns, the victim initiated contact via WhatsApp with an individual using the alias “Ustaz Hilmi Firdausi.”

“The deceived victim made five payments totaling RM42,580 using her savings, and was promised a return of RM300,000,” ACP Azli detailed.

Promised Profits Withheld, Escalating Demands, and Ongoing Police Investigation

The financial fraud scheme unfolded over several transactions before the victim alerted law enforcement authorities:

• Fraudulent Investment Pitch: The suspect promised the senior citizen an extraordinary payout of RM300,000 in exchange for her upfront capital investments.
• Multiple Fund Transfers: Relying on her personal savings, the victim carried out five separate bank transfers totaling RM42,580 into accounts specified by the fraudster.
• Demands For Additional Capital: After receiving the initial payments, the scammer refused to disburse the promised returns and instead demanded an additional RM50,000 upfront fee to “release” the profits.
• Police Report Lodged: Realizing she was being swindled, the retiree refused the additional payment and lodged a formal report at the Kuala Terengganu police station at 11:06 PM on Thursday, October 15, 2026.
• Statutory Investigation: Police have opened an investigation under Section 420 of the Penal Code for cheating, which carries a penalty of imprisonment, fines, and whipping upon conviction.

Police urge members of the public, particularly senior citizens, to exercise extreme caution when encountering lucrative financial schemes on social media and to verify investment platforms with Bank Negara Malaysia or the Securities Commission before transferring money.

-NMT