Duo cheated of RM300k in non-existent business

SIBU: A businessman and his friend got a raw deal when they were cheated of RM332,702.00, after investing their money in a non-existent business.

Sibu OCPD Asst Comm Stanley Jonathan Ringgit said the 62-year-old businessman met a stranger at a coffee shop in Jalan Pahlawan at about 7pm on May 16, where he was invited to become a joint-partner in a business that offered 10% return every month for life.

"The complainant was attracted to the offer and had subsequently made a payment of RM150,000 in cash as capital for the business to the stranger," he said.

The suspect did not issue any receipt to him and had also not explained to the victim the nature of the business.

ACP Stanley said a friend of the complainant who was with him was also attracted by the business offer.

"On May 24, the friend made bank transfers in six transactions, totalling RM182,702 into the stranger's account," he said.

The businessman only realised he had been duped by the suspect when on June 5, he was told through the phone that the business could not proceed and that his money was "not refundable".

ACP Stanley said the case is being investigated under Section 420 of the Penal Code for cheating.