ALOR SETAR: A private doctor here was conned out of RM3.8mil after allegedly falling victim to a non-existent Initial Public Offering (IPO) investment scheme involving currency shares from China and Hong Kong.
Kedah Commercial Crime Investigation Department (CCID) chief Supt Syamsyul Anuar Saad said the victim lodged a report at the Kota Setar district police headquarters at 9.30pm on March 4.
He said the 60-year-old victim was drawn to the investment after seeing an advertisement by a company called JMC Capital on Facebook while at his workplace in Jalan Putra here on Aug 26 last year.
"The victim was promised returns of 50% within two weeks of the invested capital. He initially dealt with a woman before being added to a WhatsApp group known as JMC Capital," he said in a statement Friday (March 6).
Supt Syamsyul Anuar said that the group's members consistently convinced the victim that the investment could yield high returns.
He said that between Nov 4, 2025, and Feb 4, 2026, the victim performed 49 fund transfers totalling RM3,805,010 into nine different bank accounts.
"The victim only realised he had been cheated after failing to receive any of the promised returns," he said.
In light of the case, Syamsyul Anuar advised the public to be cautious about online investment offers and to ensure that any scheme they participate in has the relevant authorities' approval. - Bernama
