GEORGE TOWN: A store supervisor lost over RM620,000 after falling victim to an online investment scam.
Penang deputy police chief Datuk Mohd Alwi Zainal Abidin said the 56-year-old man from Batu Kawan was deceived in an online investment fraud involving an application believed to be called "Xgi Horizon".
"The commercial crime investigation department in South Seberang Perai received a police report from the victim on July 21.
"The victim said he saw an investment advertisement on social media in early February that offered high profit returns.
"The victim then started contacting the suspect, a man.
"The investment claimed to promise high returns in a short period of time," he said in a statement on Wednesday (July 23).
He said the victim was asked to download an application and register as a member to start investing.
"From Feb 18 to April 24, the victim made a total of 31 transactions into 10 bank accounts belonging to different companies.
"The victim realised he had been cheated when he tried to withdraw the profits through the application but was asked to make additional payments before the withdrawal could be done.
"The victim then made a police report and said he had lost RM624,617," he said.
DCP Mohd Alwi said the case is being investigated under Section 420 of the Penal Code, for cheating.
"I would like to remind the public that taking part in any investment schemes, especially those offered online is risky.
"The public has been repeatedly reminded not to be easily deceived by scammers who use social media platforms to trick people.
"One must be diligent and check with Bank Negara and the Securities Commission Malaysia to ensure that the entity or individual they are dealing with is authorised by the relevant agencies to offer, promote or sell any product or offer investment services," he said.
He said it is essential to cooperate in the battle against online scam cases, especially investment fraud which has increased drastically through social media.
"The dissemination of information related to this modus operandi when it comes to online fraud cases must be shared with family, friends and the community to create awareness so they do not become the next victim," he said.
Visit (https://www.bnm.gov.my) and (https://www.sc.com.my) for further details.
