Scam Alert: Retired Teacher Loses RM700,000 to Stocks Qs Secure

A 69-year-old retired teacher and part-time contractor has lost more than RM700,000 after falling victim to an online investment scam.

The victim came across a Google advertisement in December for a company called Stocks Qs Secure. The ad claimed investors could earn significant profits. He followed a link in the advertisement and was asked to enter his personal details to begin the investment process.

Marang district police chief, Superintendent Mohd Sofian Redzuan, said the man was later instructed to make several payments to different bank accounts. Between 5 February and 27 March, he made 22 transactions, including a bank draft. In total, he transferred RM703,296.25 to 15 separate accounts belonging to local companies.

The victim became suspicious when no investment returns were received. He then realised he had been scammed and filed a police report on Wednesday.

Police have opened an investigation under Section 420 of the Penal Code, which covers cheating and fraud. Authorities are now working to trace the individuals behind the scheme.

Superintendent Mohd Sofian advised the public to be cautious when dealing with online investment offers. He stressed the importance of verifying the legitimacy of such companies. He also recommended checking with the Securities Commission and Bank Negara Malaysia before investing.

Online scams involving fake investment platforms have become more common. Fraudsters often use convincing websites and advertisements to gain trust. Once they have access to personal or financial information, they move quickly to collect money through multiple transfers.

Under no circumstances should you engage with an investment scheme advertised on social media that promises high returns or sounds too good to be true without exercising caution. If in doubt, download the free WikiFX mobile application from Google Play or the App Store. This global broker regulatory query platform, at your fingertips, provides detailed information about brokers, including their regulatory status, customer reviews, and safety ratings. It allows users to verify the legitimacy of investment platforms before committing their money. With access to in-depth insights and risk alerts, WikiFX equips potential investors with the tools to make informed decisions and steer clear of unauthorised or unlicensed entities. By using WikiFX, users can safeguard their savings and avoid the costly traps of fraudulent investment syndicates.