SHAH ALAM: A private contractor has suffered a massive loss of over RM5.9mil after he fell victim to an investment scam.
Selangor police chief Datuk Hussein Omar Khan said the 58-year-old victim began participating in the investment in September after he was attracted to the impressive-sounding credentials of an investment advertisement by a 'Davidson Kempner Capital Management (DKCM MYS-C)' on Facebook.
He said the local man was instructed to download the A-Trade application through the Apple Store.
Hussain added the victim was told he needed to have enough funds in his account to purchase the desired share units and also to make transactions according to instructions given.
"The victim transferred money totalling RM5,900,506.48 through 30 transactions into eight different company accounts in stages starting from September to November 2024," he said in a statement here on Wednesday (Jan 8).
Hussein said the victim, who finally realised he was duped after not receiving any returns, filed a report at the Kajang police station on Tuesday (Jan 7).
He said police opened an investigation paper under Section 420 of the Penal Code.
Authorities advise the public to be wary of investment offers on social media platforms that promise unrealistic high returns by parties not approved by Bank Negara or the Securities Commission of Malaysia. – Bernama
