The student came across an investment scheme in Telegram and realized it was a scam when they were asked for more money.
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A public university student was scammed out of RM4,000 when they invested in an investment scheme that saw no returns.
The student first got to know about the investment scheme in a Telegram group. They chose the RM1,000 investment scheme package that promised RM10,000 in returns.
The individual then asked the student for an extra RM3,000 as a commission to oversee the student’s investment account.
According to Kosmo, the student had borrowed as much as RM2,000 from three of their friends and used up all of their university funds to invest in the scheme.
After the student transferred RM4,000 into the account, the individual asked for RM10,000 to activate the account.
That was when the student felt that something wasn’t right. Luckily, the student did not transfer the sum asked because they did not have that much money anyway.
The student lodged a police report when they suspected they have been scammed. Sharing their experience on TikTok, the student is now asking for help from netizens because they only have RM50 to last the whole first year semester.
The student added that they really wanted to take up a part-time job but the packed class schedule wouldn’t allow it.
Netizens advised fellow students not to be taken in by the life of riches and to borrow money from others to reach that goal. This is because they might end up worse off financially than when they started.
Another netizen told the student not to make excuses because there are other students who work part-time for extra pocket money despite their busy schedules.
According to The Sun, the public should do a thorough check before joining any investment schemes, especially when an extra lucrative profit is promised.
Before investing, the public should check the legitimacy of the schemes through official sources such as ‘semak mule’ application, BNM, Securities Commission (EC) and the Ministry of Domestic Trade and Consumer Affairs.
On another note, here are other scams that the public should look out for.