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.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Nation

Tanker missing after collision found and detained by MMEA
Time to strategise to return Barisan to power in Sabah, says Dr Wee
Hundreds crowd police booth to settle discounted traffic summonses at National Month launch
Malaysian students in Bangladesh claim no access to shelter at High Commission
Six-year-old girl goes missing at Bon Odori Festival in Johor
Wisma Putra says M'sian students in Bangladesh relocated to High Commission
BN's proven track record makes it the best choice, says Dr Wee
Diverse crowd enlivens National Month launch in Cyberjaya
Cyberbullying: Special task force to review Penal Code, says Azalina
Brunei serviceman killed in motorbike accident in Keningau

Others Also Read