JOHOR BARU: A 66-year-old business owner has fallen victim to an online scam, resulting in a loss of approximately RM1.8mil.
Johor police chief Comm Datuk M. Kumar said the man came across the online investment scheme advertised on social media in October 2024.
“The scheme appears to offer investors high returns in a short period
“He clicked the link to get more information and learned that he could get 200% profits on investment within three months,” he said in a statement on Sunday (May 4).
Believing he could enjoy handsome returns, the company owner began transferring funds totalling RM1.8mil into several bank accounts from November to January this year, following the suspect's instructions.
“The suspect also told the man to download an application and register for the scheme to monitor his investments.
“However, the man has yet to receive any profits, and the suspect could no longer be contacted,” said Comm Kumar, adding that the victim lodged a police report on Saturday (May 3).
The case is 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.
Comm Kumar advised the public to be cautious against investment offers that sound too good to be true, especially on social media.
“It is better to check with the authorities, such as the police, Bank Negara Malaysia and Securities Commission, before making any investment decisions,” he added.
