Accountant loses millions to fake investment scheme

JOHOR BARU: An accountant has been swindled out of more than RM2.2mil after falling for a fraudulent investment scheme.

The 75-year-old man was misled by a message from an unknown source promising high returns via an investment app, Johor police chief Comm M. Kumar said.

“On Dec 19 last year, the man received a message from the scammer with detailed instructions on how he could make investments through the app and gain high returns in a short time.

“Attracted by the profits promised, the victim followed the suspect’s instructions and downloaded the app,” he said in a statement yesterday.

Comm Kumar revealed that the accountant then opened an account in the app and started investing last month.

As instructed, the victim then transferred his money to several bank accounts.

“He was made to believe that he could monitor his investment through the app,” he said.

“At one point, the app indicated that his investment had grown to RM12.9mil.

“However, when he tried to take the money out, he was told to pay a commission of RM1.6mil.

“That was when he realised that he had fallen prey to a scam.”

Comm Kumar said the victim lodged a report on Sunday and the case was being investigated for cheating under Section 420 of the Penal Code.

The offence carries a jail term of between one and 10 years, whipping, and a fine upon conviction.

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