KUALA LUMPUR: Police are investigating two investment scams that have conned victims on social media out of almost RM2 million.
Police secretary Noorsiah Mohd Saaduddin said as of yesterday, some 22 investigation papers on BTC Financial Trading/Finance Trader investment scheme and 48 investigation papers on Smart Trader Best Exchange investment scheme had been opened.
“Losses as of yesterday amounted to RM708,400 for the BTC Financial Trading/Finance Trader scam while for the Smart Trader Best Exchange scam, losses are at RM661,672.16,” she said in a statement today.
She said based on investigations, scammers used Telegram and Whatsapp to look for victims and promised returns of between 50% and 100% in just three to six hours after making the investment.
“Victims who expressed interest would be asked to register through a link provided and make a money transfer into the account provided by the syndicate.
“The victims would then be informed of their profits but would have various additional conditions imposed if they wanted to make a withdrawal,” she said.
Noorsiah advised the public to remain vigilant and to conduct detailed checks before signing up for investment schemes that promised lucrative returns.