RM250,000 Vanishes Online: Retiree Got Trapped in a Fake Forex Scam

A retired man in Kluang has lost more than RM250,000 after falling victim to a fake foreign exchange investment scheme, highlighting the growing risks faced by inexperienced investors drawn to online trading promises, especially the ones that sound too good to be true.

The 65-year-old retiree, hoping to grow his savings through what appeared to be a legitimate forex investment opportunity, was allegedly deceived by an online scam syndicate that offered high returns within a short period. What began as casual internet browsing quickly escalated into a series of transfers that drained a large portion of his retirement funds.

According to police, the victim first encountered the scheme on 15 August after seeing an online advertisement promoting fast and lucrative returns from forex trading. The advertisement led him to contact an individual presenting himself as an investment agent. The man was then instructed to register through a provided link, which appeared to give access to a trading platform.

Once registered, the retiree was gradually convinced that the investment was genuine. The syndicate reportedly maintained regular contact and reinforced the idea that the scheme could generate substantial profits in a short timeframe. This reassurance proved effective, particularly as the platform began displaying what looked like significant gains.

Between 2 November and 23 December, the victim transferred a total of RM261,420 into four separate bank accounts. The payments were made in stages, each following instructions from the supposed agent. During this period, the online account showed profits amounting to roughly RM500,000, reinforcing the belief that the investment was performing well.

The illusion collapsed when the retiree attempted to withdraw his earnings. He was informed that additional payments were required before the profits could be released. These demands raised suspicion, and it soon became clear that the displayed gains existed only on the screen. Realising he had been deceived in a forex investment scam, the victim lodged a police report.

Kluang district police chief Assistant Commissioner Bahrin Mohd Noh confirmed that the case is being investigated under Section 420 of the Penal Code, which covers cheating and dishonestly inducing the delivery of property. Investigators are now tracing the accounts involved and examining the online trail left by the syndicate.

The case reflects a wider trend of online investment scams that exploit public interest in forex trading. Such schemes often rely on professional-looking websites, convincing agents and fabricated account balances to build trust before extracting increasingly large sums from victims. Retirees and first-time investors are particularly vulnerable, as they may lack technical knowledge of trading platforms while seeking ways to stretch their savings.

Police have reiterated warnings to the public to remain cautious of online investment offers that promise unusually high returns within a short period. Authorities stress that legitimate forex trading carries risk and does not guarantee profits. Any demand for upfront fees or additional payments to release earnings should be treated as a serious red flag.