KUALA LUMPUR, March 14 — A 66-year-old retiree lost more than RM2.26 million after falling victim to a fraudulent investment scheme, according to New Straits Times.

Wangsa Maju police chief Assistant Commissioner Mohamad Lazim Ismail reportedly said that the victim was first introduced to the purported investment company by an agent in 2023.

According to the report, the retiree was briefed on the scheme and promised 10 per cent dividends every three months.

“She made several staggered transactions totalling RM2,262,750 but never received the promised returns,” he was quoted as saying. 

The case is being investigated under Section 420 of the Penal Code for cheating, which carries a jail term of up to 10 years, whipping, and a fine upon conviction.

Straits Times previously reported that the woman said the agent, who had been managing her family’s investments, introduced her to a fake artificial intelligence-based scheme.

 Malay Mail – Malaysia