MUAR: A 45-year-old manager lost more than RM650,000 in a fake investment scheme he signed up for on social media.
Muar OCPD Asst Comm Raiz Mukhliz Azman Aziz stated that the man lost a total of RM651,800 after transferring funds to three separate bank accounts, believing he would receive handsome returns.
The man first encountered an online advertisement on Facebook in January, drawn in by the promise of high returns in a short time.
"He clicked on the link, which led him to be added to a WhatsApp chat group. Five different suspects then contacted him to explain the so-called investment.
"He was instructed to download an app, believing he could monitor his investments there," said ACP Raiz Mukhliz in a statement on Sunday (April 6).
The man transferred the large sum in 25 bank transactions from Feb 13 to March 27.
He realised he was duped when instructed to transfer more money.
"Throughout the period, he never received any of the promised profits.
"The public is reminded to be extra cautious about such promises and to stay away from schemes that sound too good to be true," he added.
The case is being investigated under Section 420 of the Penal Code for cheating, which carries a jail term of one to 10 years, caning, and a fine upon conviction.
