I am an elderly woman who was approached by a sweet talking ‘’insurance agent’’ (scammer) about insurance schemes. He proposed various insurance schemes for the benefit of my grandchildren with returns according to the said insurance company’s policy. I was convinced with the proposed schemes. Proper proposal forms from the insurance company was given to me for signing. The scammer told me to bank the premium into his ‘company’ and he would remit the premium to the insurance company. I did not realise the potential risks or red flags here and I did according to what he told me to do. Every time after payment, the scammer did issue a ‘receipt’ from the ‘insurance company’ (which was later discovered to be forged). Every year, the scammer would gave me the hardcopy of the ‘statement’ purportedly from the ‘insurance company’. This ‘arrangement’ had been going on for several years with total ‘premium paid’ to the scammer amounted to more than one million Ringgit Malaysia (RM 1 mil).
One day when my family member suspected something was amiss and checked the status of my insurance policies on-line. It was only then discovered that only 1 genuine policy was opened for me while the remaining 6 ‘policies’ did not exist at all with the insurance company. Reports were lodged and the agent was subsequently arrested by the authorities for cheating.
I was told that several other elderly women also suffered similar fate with the same agent with estimated losses of above RM6 million.