A retired teacher from Kuala Nerus has lost over RM570,000 of her personal savings and pension in a gold trading investment scam, following her involvement with a cooperative offering high-return opportunities.
The victim, aged 59, was enticed by promises of significant profits through gold trading, but ultimately found herself defrauded by a company posing as a legitimate investment opportunity. The Kuala Terengganu district police are now investigating the case, urging the public to be more cautious when it comes to investments that seem too good to be true.
The Scam Unfolds
According to Kuala Terengganu district police chief, ACP Azli Mohd Noor, the victim, a retired teacher, initially became a member of a well-known cooperative in the country on December 29, 2021. The cooperative, known for its active charitable work and sponsorship of religious programs, seemed like a trustworthy organization to her.
As a member, the woman was presented with an opportunity to participate in a lucrative gold trading investment managed by a subsidiary of the cooperative. The company promised high returns from the sale of gold, enticing the victim to invest a significant portion of her savings.
The Growing Investment
Between December 2021 and July 2022, the victim transferred a total of RM620,000 into two separate accounts associated with the cooperative’s subsidiary, following their encouragement to purchase gold. These payments were made in 17 separate transactions.
At first, the victim began to see a small profit, receiving RM50,000 in investment returns. However, this was far from the high returns promised by the cooperative, and as time passed, the victim started to suspect that something was wrong. Despite reassurances from the company, the promised substantial profits never materialized.
Realization and Police Involvement
By the time the victim realized she had been deceived, she had already lost a significant portion of her life savings and pension. Feeling betrayed and helpless, she filed a police report, alerting authorities to the fraudulent scheme.
ACP Azli Mohd Noor confirmed that the police have opened an investigation into the matter under Section 420 of the Penal Code, which deals with cheating and dishonestly inducing delivery of property. The police have advised the public to exercise extreme caution when dealing with investments that promise unusually high returns with little risk involved.
More Victims Come Forward
Following the report from the victim in Kuala Nerus, police also received another complaint involving the same gold trading company from the Chendering area. This raises concerns that other individuals may have fallen prey to the same scam, indicating that this fraudulent operation may have affected multiple victims.
Authorities are urging the public to remain vigilant and conduct thorough research before making financial investments. Scam operations that promise unrealistic returns are common, and it is crucial for potential investors to scrutinize any offers that seem too good to be true.
Authorities’ Advice to the Public
In light of the case, ACP Azli Mohd Noor has called on the public to be cautious when considering investments, especially those that promise high returns in a short period. He emphasized the importance of verifying the legitimacy of any investment opportunity, particularly when dealing with large sums of money.
The police chief also pointed out that scams such as this one often prey on individuals who may be looking for quick financial gains or who trust organizations with a well-established public image. He urged everyone to remain skeptical of any offer that seems overly attractive and to report any suspicious activities to the authorities immediately.
Prevention Measures and Ongoing Investigation
As the investigation continues, police are working to gather more information about the gold trading company and its operations. They are also trying to identify and locate other potential victims who may have been duped by the same scheme.
In the meantime, authorities are focusing on raising public awareness about investment scams, emphasizing the need for due diligence when investing money. Investors are encouraged to ask questions, seek professional advice, and ensure they understand the risks involved before committing any funds to unfamiliar investment schemes.
Conclusion
This unfortunate case serves as a stark reminder of the risks involved in financial investments, especially those that promise exceptionally high returns with little to no risk. Scammers continue to devise new ways to exploit unsuspecting individuals, often using reputable-sounding organizations to gain trust.
The retired teacher’s loss of RM570,000 underscores the importance of exercising caution and skepticism when considering investment opportunities. The police investigation is ongoing, and authorities are urging the public to remain vigilant to avoid falling victim to similar scams in the future.
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