KUALA LUMPUR, An 85-year-old woman lost over RM1.37 million to a phone scam syndicate, which lured her with a fake investment scheme, supposedly organised by a banking institution. Bukit Aman Commercial Crime Investigation Department (CCID) director Datuk Seri Ramli Mohamed Yoosuf said that his department received a report from the elderly victim yesterday. She claimed that she had been contacted by someone impersonating an official from a local bank. The imposter allegedly offered her a fixed savings investment with a dividend rate of 4.8 per cent per annum and instructed her to transfer all her funds, amounting to RM1,372,886.45, into two accounts controlled by the scammer. 'The victim was then directed to activate internet banking for these accounts and provide access to the syndicate, purportedly for managing the investment funds,' he said. 'The woman only realised she had been scammed when she discovered that all the money was missing from her accounts. The case is being investigated under Section 4 20 of the Penal Code,' Ramli said in a press conference at Menara KPJ, today. Meanwhile, Ramli mentioned that the police have also received reports about services claiming to recover stolen money. 'These agents offer services that supposedly help process refunds for money transferred to other people's accounts,' he said. 'I want to emphasise that there is a legal process that must be followed in these cases. Proper investigations by the relevant agencies, including the PDRM (Royal Malaysia Police) and the bank, must be conducted before any refund is approved by the court,' he added. He warned that any such services offered by private individuals are scams. Source: BERNAMA News Agency