Company manager loses over RM1.7m in share investment scam

JOHOR BAHRU: A 67-year-old man lost more than RM1.7 million after falling victim to a share investment scam via WhatsApp.
Johor police chief CP Datuk M Kumar said the victim, a private company manager, lodged a report on June 12 claiming that his phone number had been added to a WhatsApp group named 'C-10 Freeman Saham 17' in April.
'The victim was promised daily returns of five to 10 percent based on market share prices and his investment amount. Enticed by the offer, he made 12 fund transfers between April 16 and May 30 to five different bank accounts, totalling RM1,772,603,' he said in a statement last night.
However, after making the payments, the victim did not receive the promised returns. Instead, he was asked to pay an additional RM500,000, which raised suspicions and led him to believe he had been scammed.
'To date, the promised returns have not been received, resulting in a total loss of RM1,772,603,' he said.
The case is being investigated under Section 420 of the Penal Code, which carries a jail term of between one and ten years, caning, and a possible fine upon conviction.
He urged the public to remain vigilant and not be easily swayed by investment offers on social media that promise quick and high returns with minimal effort.
'The public is also advised to verify such offers with relevant authorities such as the Royal Malaysia Police, Bank Negara Malaysia, and the Securities Commission to ensure their legitimacy.
'In addition, use the Semak Mule service to check the status of bank accounts and phone numbers before proceeding with any payments,' he added.
He also called on the public to stay informed about current commercial crime trends to avoid falling prey to scams.
Information on common scam tactics can be found on the official social media accounts of the Commercial Crime Investigation Department on Facebook, Instagram, and TikTok.

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