KUALA TERENGGANU, Nov 5-  An elderly person lost RM176,500 after being deceived by a non-existent investment scheme on Facebook.

The victim, who is also an insurance agent, had surfed Facebook on August 5 and was interested in an investment scheme advertised by Bank of China Investment BOCI.

According to Kuala Terengganu district police chief ACP Azli Mohd Noor, the victim, who is from Kuala Terengganu, contacted the suspect through the Whatsapp application and was promised a profit of 65 percent of the money invested.

Excited by the high profit, he added that the victim had transferred money 10 times to four different accounts totaling RM176,500 from September 10 to October 31.

"The victim was then promised that he would be given a profit in the application system of the VIPDB3-BOCI Investment Club group amounting to RM2 million, he said in a media conference, here.

"All the money invested was the result of the victim's savings and credit card. However, the money could not be withdrawn and various payments were requested under the pretext of withdrawing the money in cash.

"The victim was then promised that he would be given a profit in the application system of the VIPDB3-BOCI Investment Club group amounting to RM2 million, he told reporters, here on Monday (Nov 4).

Feeling deceived, the victim filed a police report yesterday (Nov 4) afternoon.

The case is being investigated according to Section 420 of the Penal Code.

Meanwhile, ACP Azli reminded the public at large that not to be easily deceived by investment schemes on social media.

Even though various warnings have been given and announced by the authorities, he said many are still deceived and suffer huge losses.