KUANTAN: A retired teacher claims to have lost more than RM1.1mil after falling for a non-existent stock investment scheme promoted on TikTok.
Pahang acting police chief Datuk Azry Akmar Ayob said the 65-year-old man saw an advertisement before contacting someone who claimed to represent the company through WhatsApp.
He said the victim was briefed on stock investments and financial market analysis before agreeing to join the scheme.
"He then carried out 22 transactions to six different bank accounts through online banking and over-the-counter services at financial institutions between Aug 21 and Oct 7,” he said in a statement on Sunday (Oct 11).
Azry Akmar said the victim was asked to make further payments even after completing all the transactions.
After receiving none of the promised returns, the man suspected he had fallen victim to a scam and lodged a police report at the Pekan District Police Headquarters on Saturday (Oct 10).
The case is classified under Section 420 of the Penal Code. - Bernama
