Man loses RM62,000 in scheme that quickly turned to scam

KUALA LUMPUR: The lure of quick and big returns from an investment scheme led to a man losing over RM62,000 to a scammer's tricks.

Kuala Lumpur Commercial Crime Investigation Department (CCID) chief Asst Comm Mohd Mahidisham Ishak said in a statement that the victim, 25, met a woman on social media on Sept 8.

"After several days of getting to know each other, the suspect offered an investment scheme that promised returns of around 10% to 20% within 24 hours," ACP Mohd Mahidisham said on Thursday (Sept 23).

"His first transaction was around RM1,000 and he received the promised returns.

"From there, larger transactions were made in the hopes of reaping even more profits and the victim made several transfers into multiple bank accounts.

"However, when he did not receive the returns, he was told that the money had to go through a security check," he said.

The victim then suspected that he had been duped, by which time he had lost around RM62,300.

In an unrelated case, around RM29,700 was lost in a loan scam.

"On Sept 15, the victim, 28, was contacted by an unknown number after she had searched online for private loans.

"The suspect introduced themselves as a moneylender and asked for personal and banking details in return for a RM5,000 loan.

"The victim was then instructed to make several payments between Sept 16 and 19 via 13 transactions to eight different bank accounts.

"She realised that she had been cheated after the loan money was not transferred to her," ACP Mohd Mahidisham said.

He added that police investigations showed the bank accounts linked to her case had been involved in several other commercial crime cases.

Both cases are being investigated under Section 420 of the Penal Code for cheating.