What promises lure victims into these high-return investment scams?

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Promises of High Returns Lure Retirees into Investment Scams

Two retirees in Penang lost a combined total of over RM1 million to online investment scams, with the perpetrators luring victims through promises of exceptionally high returns on their investments. In one instance, a 55-year-old man was enticed by an advertisement promising a seven per cent return on each investment made. In a separate case, a 56-year-old retired factory technician was led to believe he would receive a 30 per cent return within a mere three months.
Promised Percentage Returns on Investment

In the first reported scam, the victim was explicitly promised a seven per cent return for every investment he placed. This offer was presented as part of an advertisement found on Facebook, which directed him to communicate with a contact via WhatsApp. The scammer then guided him to download a company app to register and invest through their platform.
Accelerated Profit Expectations

The second victim was approached through an Instagram advertisement that also highlighted high returns. The female suspect he contacted via WhatsApp offered a more aggressive promise: a 30 per cent return on investment within a three-month period. This retiree made an initial transfer of RM20,000 and, within less than three months, reportedly received RM14,150 in profits, seemingly validating the scheme.
Deceptive Profit Displays and Withdrawal Fees

Following the initial successful payout, the second victim proceeded with 11 additional fund transfers. However, the allure of substantial profits was ultimately a ruse. He discovered he could not withdraw RM280,000 in purported profits and was then informed by the suspect that he needed to pay a RM120,000 withdrawal fee, a common tactic in such fraudulent schemes. The first victim also faced a similar predicament, unable to withdraw profits shown on his app totalling RM23,241,952.

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What promises lure victims into these high-return investment scams?

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