Broker Navik Capital earns 8% a day? Retired professor cheated out of millions in savings

A retired professor in Malaysia has lost more than RM1 million of his life savings in a Navik Capital investment scam.

In December last year, the 61-year-old retired professor of Government University found an investment AD on facebook and contacted the head of the investment platform via WhatsApp.

He was told that he could invest in spot gold (XAUUSD) through the Navik Capital platform and was promised a return of 5 to 8 percent of the total investment on his capital within one day and each time the investment transaction was completed.

Under his temptation, the professor believed the other side's story and sent money to several bank accounts as instructed, totalling RM1.065,000.

Unfortunately, although it is shown on the platform that the profit earned by the professor is very considerable, for various reasons, he has been unable to withdraw cash.

It made him feel like something was wrong. He used a mobile app to check the person in charge of the phone number, and found that it was a scam call.

The professor realized that he had been cheated and immediately reported the matter to the police.

Johor Chief Supt M. Guma said in a statement on Tuesday (April 9) that police received a complaint from the professor on March 22 to initiate investigations under Section 420 (fraud) of the Penal Code.

"The police urge the public to be vigilant at all times and not to easily believe any advertisements or suggestions for high-return investments on social media."