KOTA TINGGI: A 59-year-old farmer lost RM738,950 after falling victim to a non-existent investment scheme promoted through WhatsApp.
Kota Tinggi OCPD Supt Yusof Othman said police received a report on Sunday (April 26) regarding the fraudulent scheme, which was presented as an artificial intelligence-based (AI) investment opportunity.
He said the victim, a local man, made five money transfers into four separate bank accounts belonging to the suspects.
“Investigations showed that the scam began in February this year after the victim was approached by an unknown individual on WhatsApp.
“The victim was promised returns amounting to millions of ringgit through the so-called AI investment platform,” he said here on Monday (April 27).
Supt Yusof said the victim was later persuaded to make additional payments in stages to release purported profits that were allegedly being held in the investment application.
The amount displayed as ‘profits’ in the application had purportedly reached RM10mil.
“Believing the scheme was genuine, the victim continued transferring funds in the hope of withdrawing the promised returns.
“The victim only realised he had been cheated after he failed to receive any returns and was unable to withdraw the money shown in the application,” he added.
Police are investigating the case under Section 420 of the Penal Code for cheating.
Supt Yusof advised the public to be cautious of unregistered investment schemes that promise unusually high returns within a short period.
He also urged the public to verify suspicious bank accounts before making transactions to unknown individuals through the Semak Mule online service and download the Whoscall application, which offers caller identification services.
“Members of the public can keep up with the latest commercial crime tactics through the official social media platforms of the Commercial Crime Investigation Department,” he added.
Supt Yusof said victims of scams should immediately contact the National Scam Response Centre at 997 to help authorities block the movement of funds from suspect accounts.
