Fraudulent individuals and companies are currently operating on social media platforms (such as Facebook) by persuading members of the public to invest in share collection schemes or offering loans with low interest rates. These perpetrators organize groups online and deceive victims into transferring money. Therefore, this public awareness notice is issued to inform the public to remain vigilant and avoid the following types of financial fraud schemes:-
- In one such fraudulent case, an individual named Khant Wai Maung @ Maung Maung Lwin, associated with Zwe Htet Loan Company Limited, address at No. 102 A Street, 62nd Street, Twat Pi Kwae, Mandalay, advertised on social media that he was collecting investments in shares and offering loans at low interest rates. Believing these claims, Daw Ni Ni Swe transferred money multiple times via Wave Pay to the phone numbers provided by the fraudsters, using her own and other individuals’ identification documents. The total amount transferred exceeded MMK 9,650 million.
- When she requested withdrawal of her funds, the perpetrators showed a fake bank transfer slip and demanded additional payments to process the withdrawal. However, no funds were returned to her. Upon receiving the complaint requesting action against the responsible persons from the “Zwe Htet Loan Company Limited” Facebook Page, who had been conducting online financial fraud, authorities opened a case, took legal action, and prosecuted the offenders. The accused individuals were subsequently convicted and sentenced to respective penalties.