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What if someone transferred RM1 million away from your Fixed Deposit?


What if someone transferred RM1 million away from your Fixed Deposit?

Regardless of how much we have, if someone transferred away RM1 million from our bank account, we are likely to go crazy. I know, these days to some people, RM1 million is really not a lot. However, when 50% of all Malaysians have less than RM10,000 in their EPF account, RM1 million is still a super big number. Read here to know why Malaysians have so little in EPF savings. Close to 50% EPF members have less than Rm10,000 in their EPF account.

Here is one such case where someone’s RM1 million was transferred out of his Fixed Deposit. How could it happen?

Article in A lawyer in the police report claimed funds in his fixed deposit accounts were transferred to an unknown individual’s account without his knowledge or consent. The lawyer said that he visited the bank with his mother to open the fixed deposit accounts.

The RM1 million in funds was entrusted to a relationship manager from the branch who would handle all banking matters related to him and his mother. The bank had also subsequently issued two fixed deposit account certificates amounting to RM500,000 each.

On October 1, the lawyer returned to the bank to check on the balance of both accounts and discovered that the funds were transferred out from both accounts on June 11 and June 25 amounting to RM500,000 per transaction. This was during the time when much of the country was facing movement restrictions. Please do read the details here: Article in

It’s best to always check your Fixed deposit accounts yeah

Even Fixed Deposit accounts can be checked from logging in to the bank account. This can be done from anywhere at all and helps to ensure if something were to happen, detection will be quick versus a few months later. Just need to remember that banks also do not want such things to happen as it affects their reputation tremendously.

Thus, they may have some safeguards in place but nothing ia totally foolproof since we are dealing with processes and systems which were built by humans. I hope this man gets back his money once its verified that he was a victim in this RM1 million case. Unfortunately this is the world we live in. Just always be careful.

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Next suggested article: Anyone can get scammed yeah. Always be alert

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Charles Tan The Founder The Writer Kopiandproperty
Charles Tan

Charles is Founder of He writes from his investment experience for the the past 20 years in investments including property, stock, unit trust and more as well as readings and conversations with many property gurus in the industry. is an independent property blog which is not affiliated to any media company, property developer or even real estate agencies.


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