KULAI: A 61-year-old company director lost more than RM600,000 after believing he was investing in stocks promising handsome profits.
Kulai OCPD Asst Comm Tan Seng Lee said the man was lured by a scheme offering 5% to 10% returns in just three days.
"The victim was told his earnings would be credited into his account on the XGI Horizon mobile app, so he decided to join the scheme.
"He performed 20 bank transactions and transferred a total of RM666,300 into two bank accounts from March 4 until April 17.
"After investing such large amounts, the app allegedly listed his earnings as RM1.4mil," he said on Saturday (April 19).
He added that the victim, who works at a private company, was asked to invest an additional RM100,000 when he attempted to cash out his earnings.
Upon failing to retrieve his money, the victim realised he had fallen for a fake investment scheme and lodged a police report on Friday (April 18).
ACP Tan said 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.
He advised the public to be extra cautious when encountering investment deals promising high returns.
He also urged people to use the police’s SemakMule portal or app to verify and check the list of mule bank accounts, phone numbers, and shell companies used by scammers.
