Bogus stock investment plan promised returns of up to 40% in just 10 minutes
JOHOR BARU: A 69-year-old remisier lost almost RM1.6mil of his life savings after signing up for a so-called stock investment plan that had offered 40% profits.
“The advertisement on social media promised returns of up to 40% on his investments within just 10 minutes,” said Johor police chief Comm Datuk M. Kumar.
He said the man had seen the online advertisement promoting high-yield stock investments in October.
“The man, who was enticed by the offer, clicked on a link provided to get more details. He was then directed to download an app and register an account to track his investments,” he said in a statement yesterday.
Comm Kumar said the remisier transferred RM1,635,000 into several bank accounts since last month as instructed by the scammer.
“Initially, the app displayed profits on his investment. He even managed to withdraw RM44,200.
“However, further attempts to withdraw funds failed and the scammer became inaccessible.
“The victim also lost access to the app, which had been deactivated,” he said, adding that it was then that the man realised that he had been deceived and lodged a police report.
Comm Kumar said the victim lodged a police report on Friday about being duped in a scam.
He said the public must exercise caution and avoid falling prey to investment schemes advertised on social media or other online platforms that promise lucrative returns.
“Anyone can be a victim of fraud, regardless of their career or status. You should verify the legitimacy of any investment scheme through official online platforms provided by authorities such as the police, Bank Negara and the Securities Commission,” said Comm Kumar.
To increase awareness of commercial crime tactics, the public is also encouraged to follow updates managed by the Commercial Crime Investigation Department on social media platforms like Facebook, Instagram and TikTok.
In BATU PAHAT, a 44-year-old lecturer from a public university fell prey to a scam promising high rewards.
OCPD Asst Comm Shahrulanuar Mushaddat Abdullah Sani said the man, who lost RM115,600, was lured into the scheme in May.
“The offer, advertised online, required him to buy items from a designated website. He was assured of a 15% profit on the purchases,” he said.
Between May 7 and Sept 30, ACP Shahrulanuar Mushaddat said the lecturer made multiple transfers to six different bank accounts.
He said the website became inaccessible to the lecturer soon after and the promised profits were never credited.
Sensing that he was cheated, the lecturer lodged a police report at the Sri Gading police station on Dec 12.
In an unrelated case, a 47-year-old housewife was cheated of RM896,813 in a bitcoin investment scam.
Acting Seri Alam OCPD Deputy Supt Dr Mohd Roslan Mohd Tahir said the woman had chanced upon a bitcoin investment advertisement on Facebook in late August.
“Intrigued by the offer, she clicked on the advertisement and was subsequently added to a group named VIP Investment Group (Malaysia).
“It was then that the victim was introduced to the scheme and assured of lucrative returns within a month,” he said.
To monitor her investments, she was told to download an app, which displayed her earnings.
“Convinced by the supposed profits, the woman made 12 transactions to seven bank accounts between Oct 29 and Nov 18,” Mohd Roslan said.
The app showed a profit of US$185,838 (RM827,143) and she successfully withdrew RM144,415, DSP Mohd Roslan said.
“However, when she attempted to make further withdrawals, she was asked to pay an additional 1% of the profits.”
He said the woman subsequently lodged a report at the Seri Alam police station on Dec 13.
Both cases are being investigated under Section 420 of the Penal Code for cheating and dishonestly inducing delivery of property.
