JOHOR BARU: A 69-year-old remisier lost more than RM1.5mil worth of life savings after falling for a stock investment scam, here.
Johor police chief Comm Datuk M. Kumar said that the victim filed a report on Friday (Dec 13) claiming to have been duped into the scam after seeing an online advertisement promoting high-yield stock investments in October this year.
“The advertisement on social media promised returns of up to 40% on investments within just 10 minutes.
“Enticed by the offer, the victim clicked on the link provided for more details. He was directed to download an app and register an account to track his investments,” he said in a statement here on Saturday (Dec 14).
Comm Kumar added that between November and early December 2024, the victim transferred RM1,635,000 into several bank accounts as instructed by the scammer.
“Initially, the app displayed profits on his investments, and the victim managed to withdraw RM44,200.
“However, further attempts to withdraw funds failed, and the scammer became uncontactable.
“The victim also lost access to the app, which had been deactivated,” he said, adding that it was then that the victim realised that he had been deceived and lodged a police report.
The case is being investigated under Section 420 of the Penal Code for cheating, which carries a penalty of imprisonment for a term of not less than one year and not more than 10 years, with whipping and a fine.
Comm Kumar added that the Johor police have issued a strong warning urging the public to exercise caution and avoid falling prey to investment schemes advertised on social media or other online platforms that promise lucrative returns.
“Anyone can be a victim of fraud, regardless of their career or status. The public is strongly advised to verify the legitimacy of any investment schemes through official online platforms provided by authorities such as the Royal Malaysia Police (PDRM), Bank Negara Malaysia, and the Securities Commission,” said Comm Kumar.
To increase awareness of commercial crime tactics, the public is also encouraged to follow updates on social media platforms like Facebook, Instagram, and TikTok, managed by the Commercial Crime Investigation Department.
