KOTA TINGGI, July 26 — A 58-year-old housewife lost RM119,599.24 after falling victim to an online investment syndicate operating under the name “XM Royal” on Facebook.
Kota Tinggi Police Chief Supt Yusof Othman revealed that the victim encountered an advertisement for the fraudulent scheme on July 19, which lured potential investors with claims of high short-term returns.
According to Yusof, the syndicate’s modus operandi involved offering entry-level investment packages starting at RM300 while falsely promising returns of up to RM15,000 within just two hours.
“The victim subsequently carried out eight fund transfers to different bank accounts, amounting to RM119,599.24, from July 19 until last Thursday to secure the release of the purported investment profits that had allegedly been frozen,” Yusof said in a statement last night.
The victim realized she had been scammed after the syndicate repeatedly failed to disburse any of the promised profits despite her making multiple payments to unfreeze the funds.
Following the realization, the victim lodged an official police report on Friday, and police investigations into the fraudulent scheme and associated bank accounts are currently ongoing.
-NMT
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