Enticed by an initial offer for an IMF assistance grant worth US$150,000 (RM605,000), an elderly businessman ended up losing RM3.8 million over the course of six months, from July to December last year.

Johor commercial crime investigation department chief Mohd Salleh Abdullah said the 74-year-old victim became acquainted with a man going by the name of “Freddie Khoo” on Facebook before continuing their friendship via WhatsApp (the number used in the scam was +14697370743).

Salleh said the fraudster made the IMF grant offer to the businessman and asked him to make an advance payment first before he could get the financial aid.

“The victim made an initial payment of RM12,800 and thereafter, the suspect raised the grant amount to US$900,000 (RM3.632 million) so that he would pay more to secure it.

“From July till December last year, the victim made 64 transactions into 10 bank accounts totalling RM3,811,300 only to be told by the suspect that the grant had been terminated and that he (victim) had to make a fresh application,” he said in a statement here today.

After failing to get the promised grant, the man lodged a police report at the Tampoi police station on Sunday.

He added that police were investigating the case and advised the public not to easily believe newly acquainted individuals and to check their backgrounds first, in cases like this with Bank Negara Malaysia.