A New App, A Stranger Online, and RM257,000 Gone

A man in his 40s from Miri, Sarawak, has become the latest victim of a sophisticated online investment fraud, losing a staggering RM257,408 after being drawn into a fake stock investment scheme through a social media platform.

According to Miri police chief ACP Mohd Farhan Lee Abdullah, a report on the incident was filed on April 26. The sequence of events that led to the loss began innocuously enough, with the victim striking up a conversation with a woman he encountered on RedNote, a popular social media application. What started as casual online interaction soon took a deliberate and calculated turn.

After gaining the victim's trust, the woman shifted their conversations to WhatsApp before steering him toward what she described as a highly profitable online capital investment opportunity. She presented the scheme as one capable of delivering impressive returns over a short timeframe, and the victim, convinced by her pitch, agreed to participate.

He was then instructed to download an application called “Everwise” from the Google Play Store, which served as the supposed investment platform. Over the course of his involvement, the victim made 17 separate financial transactions, transferring funds into four different bank accounts as directed by the suspect.

The illusion of a legitimate investment only began to unravel when the woman continued pressing him for additional payments despite having delivered none of the promised returns. Realising he had been deceived, the victim lodged a police report, and the case is now being investigated under Section 420 of the Penal Code for cheating.

This case follows a pattern that has become alarmingly familiar across Malaysia. Scammers increasingly exploit legitimate social media platforms to establish first contact with their targets, presenting themselves as friendly strangers before pivoting to investment pitches that promise outsized profits in unrealistically short windows.

The use of a purpose-built but fraudulent mobile application adds another layer of sophistication to the scheme. Platforms like “Everwise” are designed to mimic the look and feel of genuine investment tools, complete with charts, account balances, and simulated returns, all engineered to maintain the victim's confidence long enough to extract as much money as possible.

For anyone who has received unsolicited investment offers from strangers online, regardless of the platform through which contact was first made, the advice from authorities is clear and consistent. Never transfer money to unverified accounts, always check the legitimacy of any investment application with relevant financial regulators, and treat any investment opportunity that promises high returns within a short period with the highest degree of scepticism.

Victims of suspected scams are urged to contact the National Scam Response Centre at 997 immediately, as prompt action can sometimes halt transactions before funds are fully transferred to criminal accounts.