KUALA TERENGGANU: A farmer lost RM150,000 to a non-existent livestock investment scheme on goats after he was convinced of rich returns every month.
Kuala Terengganu police chief ACP Azli Mohd Noor said on Nov 12 last year, the 36-year-old male victim was persuaded by an acquaintance to invest in a goat farming scheme and was introduced to someone who turned out to be a fraudster.
"The victim agreed to make an initial investment of RM30,000 in cash with a promised profit of RM6,000 per month for a year. When he received a profit of RM3,000 In the first month, the farmer was convinced.
The fraudster then persuaded the farmer to increase his investment to RM70,000 for a tidy monthly profit of RM20,000 and subsequently another RM50,000 to make even bigger profit.
"After the third investment, the victim no longer received any returns and soon learnt that the suspect never engaged in goat farming as claimed.
"Several others were also deceived apparently," said Azli who stated that the victim handed over all video recordings of the investment scam to police when lodging a report on Thursday (May 9) and efforts are underway to track down the suspect for investigation under Section 420 of the Penal Code. - Bernama
