What social media lure led to a RM160,000 investment scam?

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Social Media Advertisement Led to RM160,000 Investment Scam

A man in his late 40s lost approximately RM160,000 in a stock investment scam that originated from an advertisement on Facebook. The victim was initially drawn in by an ad titled ‘HY Your Investing Friend Pembelajaran Stok Market’ in September, which subsequently led to his involvement in a fraudulent scheme.
Facebook Advertisement as Initial Lure

The scam commenced when the victim encountered an advertisement on Facebook for stock market investments. This advertisement, specifically titled ‘HY Your Investing Friend Pembelajaran Stok Market’, served as the initial point of contact that piqued the victim's interest in the fraudulent investment opportunity.
WhatsApp Group and Financial Manager Impersonation

Following his interaction with the Facebook ad, the victim's phone number was added to a WhatsApp group named ‘Stock Exchange Group’. Within this group, an individual posing as ‘Jerry’, who claimed to be the company’s financial manager, provided guidance and enticed the victim to invest further in stock market opportunities.
Investment Platform and Financial Losses

The victim proceeded to invest through the website https://ccfea.com, making five cash transactions totalling around RM160,000 in October. These funds were transferred to the bank accounts of two different companies, marking the extent of his financial commitment to the scam.
Realisation of Deception and Police Report

The deception became apparent when the victim attempted to withdraw an investment profit of RM20,000, only to find his account frozen. The scammer then instructed the victim to make additional payments to facilitate the withdrawal, a request that solidified the victim's suspicion of fraud. Subsequently, the victim filed a police report on Saturday, October 28, initiating an investigation under Section 420 of the Penal Code for fraud.

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What social media lure led to a RM160,000 investment scam?

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