Company manager loses over RM1.7mil to investment scam
JOHOR BARU: A 67-year-old company manager has lost more than RM1.7mil to a bogus online investment promising daily returns of up to 10%.
Johor police chief Comm Datuk M. Kumar said the victim came across the scheme in April.
"His mobile phone number was added to a WhatsApp group named 'C-10 Freeman Saham 17'.
'The group promoted a stock investment scheme that claimed to offer daily returns of 5% to 10%, based on market performance.
"Enticed by the promise of high profits, the man began making fund transgers,' he said here on Tuesday (June 17).
Comm Kumar added that from April 16 to May 30, the victim made 12 bank transfers totalling over RM1.7mil to five bank accounts believed to be controlled by a syndicate.
'However, the victim did not receive any of the promised returns. Instead, he was told to pay another RM500,000 to 'unlock' his earnings.
'The repeated requests for more payments raised the victim's suspicions. He eventually realised it was a scam and filed a police report on Thursday (June 12),' he said.
Comm Kumar added that the case was being investigated under Section 420 of the Penal Code for cheating.
He reminded the public to be cautious and not fall for investment offers found on social media, especially those that promise quick and guaranteed profits.
'Verify the legitimacy of investment opportunities with the relevant authorities such as Bank Negara Malaysia, the Securities Commission, or the police before making any financial transactions,' he said.
Comm Kumar also urged the public to use the "Semak Mule" service, which allows users to check if a bank account or phone number has been linked to scams before proceeding with any payments.
He said increased public awareness of commercial crime trends was vital to avoid falling victim.
'Stay informed about the latest scam tactics by following the official social media accounts of the police Commercial Crime Investigation Department on Facebook, Instagram and TikTok,' he added.
He urged the public to take responsibility for staying alert and informed, as scammers are constantly revising their tactics.
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