MUAR: A 49-year-old trader lost RM610,000 after falling victim to a nonexistent online investment scheme that promised returns of up to 750%.
Muar OCPD Asst Comm Raiz Mukhliz Azman Aziz said the scam began early this month when the victim came across an advertisement on Facebook and contacted the suspect via WhatsApp.
"The suspect offered lucrative returns and claimed that the investment would be fully managed by a broker, which convinced the victim to proceed.
"The complainant carried out multiple transactions from April 1... bringing the total to RM610,000," he said in a statement on Wednesday (April 29).
He said investigations revealed that the funds included money from the victim’s insurance claims.
"The victim only realised he had been duped after being asked to make an additional payment to withdraw the supposed profits," he said.
He added that the case is being investigated under Section 420 of the Penal Code for cheating, which carries a jail term of between one and 10 years, caning and a fine upon conviction.
He urged the public to be vigilant against online investment offers that promise unusually high returns and to verify such schemes before transferring any money.
Those with information on scam-related activities are advised to contact the police or the National Scam Response Centre via 997.
