Sibu businessman falls prey to scam, loses more than RM300,000

SIBU: A businessman's hopes of earning big bucks ended with him losing RM324,201 in a fraudulent share market trading scam.

Sibu OCPD Asst Comm Zulkipli Suhaili said the Commercial Crime Investigation Department had received a report lodged by the 50-year old victim on Wednesday (May 24) saying that he had been cheated in a share investment scheme.

"The victim had seen an advertisement on Facebook on March 20. It offered 50% returns through share market trades," he said.

According to ACP Zulkipli, the businessman contacted the advertiser and was told to install an app to commence share trading.

"From April 18 to May 12, the victim sent a total of RM324,201 in 11 transactions to three different account numbers.

"He realised that he had been cheated when his attempts to withdraw the returns failed," he said.

The case is being investigated under Section 420 of the Penal Code for cheating.