Scripted deception: How scammers 'coached' doctor into RM8.7mil loss

New Straits Times

a day ago

JOHOR BARU: The RM8.7 million that vanished from a doctor's savings did not disappear in a single swoop — it was drained through 252 transfers over 90 days, in a calculated sequence that slipped under the regulatory radar.
Banking insiders said that the syndicate behind the high-return investment scam probably coached the 53-year-old victim into structuring her transactions in a way that dodged red flags in the banking system.
A source familiar with commercial bank fraud procedures told the New Straits Times that the scam appeared to rely on a common tactic.
"It is very likely the doctor was told to break large amounts into smaller, seemingly routine transfers made over time to multiple mule accounts.
"If each transfer is RM20,000 to RM30,000 and made a few times a day to different accounts, it can bypass most automated detection tools," the banker said.
"When the customer is the one initiating and authorising the transfers, especially when spread over 60 to 90 days, the system assumes she knows what she's doing.
"We rely on algorithmic triggers. If a customer walks willingly into a scam, the system may never catch it," the source said, adding that returns above 15 to 20 per cent annually are a red flag.
The NST reported that a 53-year-old doctor lost RM8.7 million of her savings in an online investment scam.
Between May and July, the victim was persuaded to transfer the RM8.7 million into accounts controlled by the syndicate.
Johor Baru (South) deputy police chief Superintendent Azrul Hisham Mohd Shaffei said the scam began with an investment pitch that promised returns of up to 520 per cent.
The fraudsters had even paid out a small initial "profit" to establish trust.
The NST tried to contact the doctor, but she did not respond.
However, it learnt that the bulk of the RM8.7 million was moved in stages.
Over three months, the victim was coaxed into moving her life savings through staggered transactions designed to avoid banking red flags.
In May, she made two daily transfers of RM25,000 each over 26 days, amounting to RM1.3 million.
In June, she made three daily transfers of RM30,000 over 28 days, totalling RM2.52 million.
In July, she made 140 transfers, averaging RM34,857, resulting in RM4.88 million being drained.
The structuring allowed the RM8.7 million to slip beneath the banking system's detection thresholds.
The banker said that by spreading out the transactions and keeping them under critical thresholds, the scammers mimicked legitimate investment activity.
Under Malaysia's anti-money laundering compliance framework, banks are required to monitor and report suspicious transactions. However, when the victim is an active participant, the effectiveness of the detection system is limited.
"If there's no sudden spike, no blacklisted accounts involved, and the sender shows no distress, then even RM8.7 million can move silently," the source said
It is believed the scammers also used multiple mule bank accounts, including new or "clean" ones with no prior suspicious activity, to avoid triggering alerts.
A police source told the NST that the victim was still coming to terms with the financial and emotional blow.
"They didn't just steal her money; they broke her, one transfer at a time," the source said
The doctor was lured by the legitimate-looking online investment advertisement in April.
They often include a clause stating that profit margins will be disclosed only after direct contact, allegedly to "comply" with government or banking regulations.
This made the investment scheme appear legitimate while maintaining control over the victim.
"The ads on social media, complete with fake testimonials, rarely advertise sky-high returns, which might seem too good to be true.
"Instead, they include a clause stating that the profit schedule is accessible only after direct contact.
"They would claim that the profit scheme had to be shared personally with investors to comply with banking or government regulations, which led to false legitimacy while tightening their grip on the victim," the source said.
The trap snapped shut the moment the victim made the call. The smooth-talking scammers almost always reeled in their victims from there.
The doctor was told the scheme offered total returns of up to 520 per cent — meaning every RM1 invested would give her RM5.20, a profit of RM4.20.
A minimum investment was required to access that rate.
She was cautious but curious. She spoke to the so-called agent rather than relying on text messages.
She requested a face-to-face meeting, but was told the company was based overseas.
She tested the waters with a RM1,160 investment.
Within a week, RM6,033 landed in her account. It was the bait she didn't realise she had taken.
The NST was told that the scammer had shown the doctor charts, fake profits and testimonials, which made everything look legitimate.
When she received the RM6,033 profit, she fell for the scam and made bigger investments.
From May to July, she was persuaded to make dozens of transfers to multiple bank accounts under the syndicate's control.
But when she attempted to withdraw what she believed were her gains, the portal stalled.
Then came a new demand to pay another RM500,000 as deposit fees or risk having her account frozen.
By then, she realised she had been scammed.
Scams and 'willing' victims JOHOR BARU: Despite advanced fraud monitoring systems, many scams, particularly those involving 'willing' victims, slip past undetected.
The tactics commonly used by the scammers.
LOW-VALUE, HIGH-FREQUENCY TRANSFERS
Scammers instruct victims to send money in small sums, often below RM30,000, to avoid hitting high-risk thresholds set by banks.
USE OF 'CLEAN' MULE ACCOUNTS
Funds are directed to new or unflagged bank accounts, making them harder for banking systems to identify as suspicious.
STAGGERED TRANSACTIONS
Money is transferred over days or weeks, not all at once. This method mimics ordinary investment or business behaviour.
VICTIM-LED INITIATION
When customers log in and completes the transfer, without complaints or distress signals, banks treat the transaction as legitimate.
Syndicates provide victims with fake investment platforms, contracts or profit dashboards to boost credibility and suppress doubt.