Both were swayed by online investment schemes
JOHOR BARU: Two company managers lost more than RM1.3mil to fraudulent investment scams in separate incidents.
In Johor, a 45-year-old man incurred a loss of RM651,800 after falling prey to a fake stock investment scheme advertised on Facebook earlier this year.
Muar police chief ACP Raiz Mukhliz Azman Aziz said the man was drawn to an investment advertisement on Facebook that promised quick and high returns.
The victim clicked on the link provided and was added to a WhatsApp group named after an investment company.
“He then communicated with five different individuals via WhatsApp, who provided more details about the investment,” he said in a statement yesterday.
He was also instructed to download and register an investment account through an app to monitor his returns.
ACP Raiz said the man made 25 transfers to three accounts between Feb 13 and March 27, totalling RM651,800 from his savings.
The victim began to suspect he had been deceived when asked to make additional payments to claim the promised profits, despite not receiving any returns.
“The case is being investigated under Section 420 of the Penal Code for cheating, which carries a prison sentence of between one and 10 years, caning and a fine upon conviction,” ACP Raiz said.
He urged the public to exercise caution and avoid being easily swayed by investment schemes promising unrealistic, high returns.
In Pahang, a 47-year-old woman lost RM703,000 to a non-existent investment via a WhatsApp application that also promised lucrative profits.
State police chief Datuk Seri Yahaya Othman said the victim had downloaded an investment app known as Quantedge Capital Co Limited (Qc Secure) last July via a link provided by the suspect.
“The victim made investments in stages in seven transactions to four different bank accounts and was informed of the profits made.
“However, she claimed that she was not allowed to make any withdrawals,” he said.
The woman claimed the money she used to invest included her savings, her husband’s money and a loan from her employer.
“The victim realised she had been scammed and lodged a police report after being asked to increase her investment capital.”
