A private contractor in Selangor lost over RM5.9 million to a fake investment scheme on Facebook. Attracted by an ad for ‘Davidson Kempner Capital Management (DKCM MYS-C)’, the 58-year-old downloaded the A-Trade app and transferred the funds through 30 transactions.
Selangor Contractor Scammed of RM5.9 Million via Facebook
After receiving no returns, he reported the scam to Kajang District Police. The case is under investigation for fraud. Authorities urge caution with social media investment offers not approved by Bank Negara Malaysia or the Securities Commission of Malaysia.
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