Gold scam: Friend's lavish lifestyle leads woman to lose RM20,000

The investment platform was no longer accessible and her friend disappeared.

19 Apr 2024 09:19am
Photo for illustrative purposes only - 123RF
Photo for illustrative purposes only - 123RF

SHAH ALAM - A former marketing executive of a private company suffered losses of nearly RM20,000 solely due to being influenced by the luxurious lifestyle of a friend on social media.

The woman, who wanted to be known as Marlia said she was contacted by an acquaintance she met while pursuing her studies at a local university after commenting on part-time job opportunities to increase her income.

"I left a comment on Shila's (friend) Facebook account, inquiring about her current job because I was amazed by her T20 (high-income) lifestyle and her ability to afford a new luxury car.

"Two days later, Shila messaged me on Facebook and invited me to join a gold investment scheme so that I too could change my life for the better.

"Based on all the information and feedback from her successful clients who managed to achieve substantial income, without much thought, I used the savings that should have been used for emergencies to invest in the scheme," she told Sinar recently.

Marlia said when she initially got involved in the scheme in 2023, she managed to earn returns of almost thousands of ringgit.

Furthermore, she said Shila told her that her investment had generated profits, but the funds could not be withdrawn for various reasons.

However, she later realised that the investment platform was no longer accessible, and Shila seemed to have disappeared and could not be contacted.

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"I didn't file a police report because I realised it was my own mistake, but I still hope to recover the capital I invested.

"It's useless to regret now. I consider the invested money not meant to be mine and this will be the most valuable lesson in life," she said.

Because of her actions in using all her emergency savings, the woman from Jerantut, Pahang, is now forced to do part-time jobs to raise the funds.

"I also have to borrow money from siblings or friends if I need extra cash.

"I don't know how long it will take to gather RM20,000 again. Unfortunately, I also have to bear debts," she said.


Ponzi scheme: New investor funds are used to pay returns to old investors, with promises of high returns, but the money is not invested in gold. When new investments dry up, the scheme collapses.

Digital investment scam: Scammers collect money promising high returns, but no real gold investment occurs, leaving investors unable to reclaim their funds.

Fake commodity schemes: Investors are misled into buying fake gold commodities with promises of genuine gold, only to receive fake certificates and lose their investment.

Selling gold without physical possession: Scammers sell digital gold without delivering real gold, promising high returns while holding no actual gold.

Pyramid scheme: New members are promised high returns in gold investment, paying money to old members and recruiting new ones. When new members stop joining, the scheme collapses, leaving old members with losses.