Man Loses Over RM600,000 In Investment Scam

KUANTAN, Feb 19 (Bernama) -- A private sector employee suffered losses of more than RM600,000 after being deceived by a non-existent stock investment scheme promoted through social media.

Pahang police chief Datuk Seri Yahaya Othman said that on Nov 3 last year, the victim, a 57-year-old man, was believed to have had contact with the suspect via the WhatsApp application after seeing a stock investment advertisement that promised lucrative returns.

“The suspect offered a stock investment scheme with a guaranteed profit of 30 per cent within one month with a minimum capital of RM10,000. To convince the victim, the suspect instructed him to download an investment application,” he said in a statement today.

He said that through the application, the victim was shown purported profits that continued to increase, reaching approximately RM1,843,765.38, including investment commissions.

“However, when the victim attempted to withdraw the invested funds along with the displayed profits, the suspect gave various excuses and requested additional payments before the withdrawal process could be carried out.

Yahaya said the victim, from Jan 9 to Feb 11, made four fund transactions into four different bank accounts using personal savings as well as loans from family members, resulting in total losses amounting to RM636,123.

In this regard, he also advised the public to always conduct checks and seek early advice from the nearest police station before participating in any investment, to avoid becoming victims of fraud.

“The public is also encouraged to verify bank account numbers through the Semak Mule website before carrying out any financial transactions. Victims of scams are also advised to immediately contact the National Scam Response Centre (NSRC) at 997 to obtain prompt assistance,” he said.

-- BERNAMA