JASIN: A 40-year-old lecturer at a higher learning institution here lost nearly RM1mil to a non-existent investment scheme promoted on social media.
Jasin OCPD Supt Lee Robert said the married victim believed she could earn quick profits through an online investment programme.
He said she realised she had been cheated after failing to receive any returns.
“She took loans from family members and applied for bank loans because she believed the investment was genuine,” he said on Wednesday (Nov 26).
“However, she was enticed into transferring money into nine separate bank accounts starting from July this year,” added Supt Lee.
Supt Lee said the lecturer lodged a police report on November 23 after receiving no returns.
He said initial investigations showed the victim became interested on July 28 after seeing a social media advertisement for stock trading lessons via an app.
“She clicked the link and later communicated with a suspect through WhatsApp, who promised returns within two to five minutes,” he said.
He said the suspect instructed her to download an app via a link to register an investment account.
“From September 1 until October 18, she made 20 transfers into nine bank accounts amounting to RM914,758.82,” he said.
“Despite these transfers, she did not receive any of the promised profits,” added Supt Lee.
He said the suspect later demanded an additional RM20,000 as a quarterly fee before releasing the supposed earnings.
Supt Lee said the case is being investigated under Section 420 of the Penal Code for cheating.
He reminded the public to remain vigilant and conduct proper checks before joining any investment scheme.
“The use of personal bank accounts to receive investment funds is a red flag indicating a suspicious scheme,” he said.
