Devastating Loss: RM147,350 Scammed Through Non-Existent Investment Scheme on Social Media

A 42-year-old financial analyst in Kuala Terengganu, Malaysia, has been left financially devastated after falling victim to a sophisticated investment scam on social media. The analyst came across a stock investment advertisement on Instagram, which led him to join a WhatsApp group with 125 members discussing stock market trends. A group member, claiming to be an employee of a Chinese securities firm, convinced the analyst to invest in a platform called HTGIC, requiring him to transfer money to several bank accounts. The analyst, who had also borrowed money from his mother and used company funds, made 13 transactions totaling RM147,350, only to realize the scheme was a ruse.

Key Takeaways:

• A 42-year-old financial analyst lost RM147,350 to a non-existent investment scheme on social media.
• The scheme was operated through a WhatsApp group with 125 members, where a group member posed as an employee of a Chinese securities firm.
• The victim was persuaded to invest using a platform called HTGIC, which required him to transfer money to several company accounts.
• The victim made 13 money transfers, using his savings, borrowing money from his mother, and even using company funds to invest in the scheme.
• The case is being investigated under Section 420 of the Penal Code for cheating.

Statistics:

• RM147,350 lost by the 42-year-old financial analyst to the investment scam.
• 13 money transfers made by the victim to the scammer.
• 5 bank accounts used to receive the money transfers.
• 125 members in the WhatsApp group where the scam was operated.
• 1 person (the group member posing as a Chinese securities firm employee) involved in the scam.

Sources:

• ACP Azli Mohd Noor, Kuala Terengganu police chief (BERNAMA News Agency, May 24, 2025)