Investment Scam Falsely Operates Under Merrill, Defrauds Sales Officer of RM2 Million

A 53-year-old sales officer in Malaysia has lost nearly RM2 million after falling victim to an online investment scam falsely operating under the name Merrill, a financial services company owned by Bank of America.

According to police, the victim, an employee of a private firm, lodged a report after discovering she had been deceived into transferring RM1,974,000 across multiple bank accounts between early September and late October.

The scam began in mid-August, when the victim encountered a Facebook advertisement promoting a stock investment opportunity that promised extraordinary returns of 150% to 200% within just two weeks. Enticed by the offer, she contacted a woman via WhatsApp, believed to be the suspect, and was added to a group chat named “Merill.”

She was then instructed to download an application called “MML Max” to register and begin investing. Over the course of seven weeks, the victim made 35 separate transactions into six different company accounts, believing the platform was legitimate.

The fraud unraveled when she attempted to withdraw her purported profits but was told she needed to make additional payments before any funds could be released. After repeated failed attempts to access her money, she grew suspicious and filed a police report.

BrokersView Reminder

This case highlights the growing threat of online scams exploiting the names of reputable financial institutions via WhatsApp and Telegram. In September, Germany’s BaFin warned consumers about a WhatsApp group impersonating US hedge fund Bridgewater Associates.

Investors are urged to remain vigilant, verify licensing credentials, and avoid clicking ads promising unusually high returns in short periods.

If you suspect you’ve been targeted by a scam, Submit a Complaint through BrokersView.