Online investment scam leaves company director RM2.95 in losses
A company director in Kuala Terengganu has lost almost RM3 million after falling victim to an online investment scam that promised high returns.
According to Kuala Terengganu police chief ACP Azli Mohd Noor, the 66-year-old man was approached in May last year by an individual he knew through social media. The suspect, who posed as a friend, offered the victim an opportunity to participate in a business investment scheme that allegedly promised returns of between 10 and 25 per cent.
The victim reportedly registered for the scheme through a website link provided by the suspect and was instructed to download a mobile application that was said to allow investment profits to be credited directly into his account. Believing the scheme to be legitimate and attracted by the promised returns, the victim proceeded to make multiple transfers.
Between June 10 and Nov 7 last year, the victim transferred a total of RM2.95 million across 18 transactions to a bank account provided by the suspect. The victim only realised he had been scammed after repeated attempts to withdraw funds from the application failed.
The victim lodged a police report at 11.06am last Saturday. The case is currently being investigated under Section 420 of the Penal Code, which covers cheating and dishonestly inducing delivery of property.
What to do if you suspect an investment scam
Police continue to remind the public to be cautious of investment offers made through social media or messaging platforms, especially those promising unusually high or guaranteed returns. Legitimate investments do not require payments to personal bank accounts or the use of unverified applications.
If you believe you have been scammed, stop all transactions immediately and lodge a police report as soon as possible. Victims are also advised to contact their bank without delay to report the fraudulent transfers. In Malaysia, the public can call the National Scam Response Centre (NSRC) hotline at 997 to seek assistance and potentially prevent further losses.
Staying informed and verifying investment opportunities with licensed financial institutions or Bank Negara Malaysia can help reduce the risk of falling victim to similar scams.
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