logo
Miri man loses nearly RM900,000 savings to online investment scam

Miri man loses nearly RM900,000 savings to online investment scam

Borneo Post28-05-2025

Photo for illustration purposes only. — Photo from Max Pixel
MIRI (May 28): A man in his 50s, who works for a private company here, lost nearly RM900,000 of his savings to an online investment scam involving a non-existent business.
Sarawak police commissioner Datuk Mancha Ata said the victim has lodged a report on the scam, which began in the middle of March this year.
'The victim met someone on Facebook who offered an online business opportunity.
'The victim, who expressed interest in the opportunity, later communicated with the suspect via WhatsApp,' Mancha said in a statement today.
Over time, he said the victim was persuaded to make multiple transactions amounting to approximately RM900,000 into a bank account provided by the suspect.
Mancha said the victim only realised that he had been scammed when the suspect continued to request additional payments, despite the victim not receiving any promised returns or profits.
He warned the public against falling for online investment offers that promise fast returns without verification.
'Do not easily trust investment offers on social media. Always conduct thorough background checks before committing any money,' he added. lead Mancha Ata online investment scam

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Sabah GLCs mostly ‘blackholes'
Sabah GLCs mostly ‘blackholes'

Daily Express

time3 hours ago

  • Daily Express

Sabah GLCs mostly ‘blackholes'

Published on: Saturday, June 07, 2025 Published on: Sat, Jun 07, 2025 By: David Thien Text Size: From left – Adi, Roger Chin, Lo and Haffisz. Kota Kinabalu: A majority of the 250-odd Sabah GLCs (Government-linked companies) are like 'blackholes' sucking away financial resources from Sabah. But there are a few bright stars. 'These statutory bodies and GLCs produced only RM143m dividends to the Sabah Government, of which RM50m was from SMJ Energy. Only a small number can generate dividends for the government. The performance of the rest is pathetic,' said Datuk John Lo, a former banker and now in the Sabah Economic Action Council (SEAC). Advertisement The other profitable GLCs include Sabah Foundation's subsidiary Innoprise, Sabah Energy Corporation, Sogip, Sogdc, POIC Lahad Datu, Suria Capital, Sabah Credit Corporation and Sawit Kinabalu. Lo was a guest panel speaker at the NGO Sabar – Kopi Tiam Council podcast on 'Oversight & Reform of government-Linked Companies (GLCs) Transparency, accountability & Corruption Prevention session, recently. 'Most are either non-performing or underperforming,' Lo said and pointed out that GLCs hold many monopolistic rights for example, cement [Sabah Cement Industries], ports [Suria, POIC Sandakan and POIC Lahad Datu], water [Jetama] and fishing landing rights [Safma]. They have been granted very cheap but extremely prime land, most of them at RM1,000 premium. [Innoprise, SUDC, subsidiary of Sedco, Suria, SICC, Sabah Energy, TAED.]. Advertisement Others have been vast acreage of valuable agricultural land for free or at nominal premium. [Sawit Kinabalu, KPD, Sabah Softwood.] Then there are those who have been granted cheap and valuable land for industrial park [KKIP, Sogip, POIC Sandakan and POIC Lahad Datu, Asian Supply Base in Labuan] or granted concession rights in oil and gas, river and sea sand [Sabah Energy, Sabah Gas, SMJ Energy, Sedco]. GLCs are also into hotels, resorts and jungle resorts [Innoprise, Sedco and Sabah Air] or granted exclusive JV preference with Sabahan and non-Sabahan companies. 'Most significantly, many GLCs have become a huge liability and drag on Sabah's economic growth. Allowing GLCs to continue without proper governance will result in serious economic consequences. Sabah can never catch up,' he said. In most cases the political appointments of chairmen, board of directors and senior management have been inappropriate. 'GLCs are still bleeding losses year in year out. Sabahans are subsiding these losses that have easily run into billions the last 35 years. The accumulated losses are staggering,' he said. What is worse is that some of these GLCs have sold or entered into JVs in many valuable assets like prime commercial and agriculture land, buildings, monopolies and concessions, most of which are lopsided against Sabah. These GLCs have taken huge loans from the government and banks [especially SDB] that they cannot service or repay, often forcing Sabah taxpayers to bail them out. 'They enter into many lopsided JV agreements against the interests of Sabah. They have the greatest number of failed JV projects that need rescue by 'white knights'. 'These billions of dividends can be tax free and can transform Sabah's economic ownership back to Sabahans. The greatest impact is job creation. If each GLC, on average, can create an additional 100 jobs, there will be additional 25,000 jobs!' said Lo. 'This money could have been used for the hard-core poor, repair or investment in infrastructures, health, scholarships or to build two or three universities. 'The GLCs have many JV projects that are suspended or non-start for years.' 'SDB's revamp is showing encouraging results. Keep an eye on Sabah Energy as it will be the new performing star.' Lo was pleased that Chief Minister Datuk Seri Hajiji Noor has appointed suitable Sabahans to head some boards and management e.g. SDB, SMJ Energy, Sabah Energy, Sogip, Sogdc and the latest, a new Group GM for Sedco. Hajiji has appointed advisors on the economy, oil and gas, energy, tourism and international affairs. Notably, he said state Finance Minister Datuk Seri Masidi Manjun has appointed a task force on GLCs. Masidi has also appointed an oversight committee for GLCs. 'Hopefully, the revamp of GLCs will lead some of them to be listed on Bursa. Bursa will impose demanding and stringent governance requirements on these GLCs. 'GLCs that have independent board of directors and professional management appointed by Hajiji and Masidi are turning around with noticeable improvements. 'It is imperative that future Sabah governments continue to revamp, rationalise the GLCs. 'Focusing on and sorting out the mess in Sabah's GLCs is a critical economic issue for every Sabahan, especially for the present young generation and their children. These GLCs are eroding away their future. 'I hope all Sabahans, every man, every woman, every voter, after listening to Sabar's podcast, will support the reformation, transformation and rationalization of Sabah's GLCs. 'It is in every Sabahan's interest to see to it that all GLCs succeed,' Lo stressed. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia

MAMBA: Mandatory e-invoicing for online sellers may alienate micro businesses
MAMBA: Mandatory e-invoicing for online sellers may alienate micro businesses

Focus Malaysia

time3 hours ago

  • Focus Malaysia

MAMBA: Mandatory e-invoicing for online sellers may alienate micro businesses

THE Malaysian Micro Businesses Association (MAMBA) has warned that the current e-invoicing framework imposed on micro business owners selling via e-commerce platforms may trigger discontent among small entrepreneurs while stifle digital growth. Under current regulations, e-invoicing is only required for physical businesses with an annual revenue of RM150,000 and above. However, for businesses that move online via e-commerce platforms, e-invoicing is mandatory regardless of revenue level. By contrast, micro businesses that set up their own websites and remain under the RM150,000 threshold are exempted from the same obligation. MAMBA cautions that such inconsistent standards could lead to dissatisfaction among micro business owners who are already struggling with rising operational costs, weak consumer sentiment and uncertainty surrounding new tariff adjustments. For many, the additional administrative burden of mandatory e-invoicing – especially when it is not uniformly applied – may be viewed as unnecessarily punitive. 'The government must avoid policies that burden the smallest players in our economy. Many of our members are one-person operations or family-run stalls just beginning to explore digital sales,' commented MAMBA chairman Tan Peng Beng. 'Imposing e-invoicing on them just because they choose to list on popular platforms is unfair and creates unnecessary complexity. 'A recent poll by DARE found that 94.7% of online business owners who are aware of the e-invoicing requirement are calling for an exemption, claiming that the system is too tedious and unfit for small-scale operations. 'This is clear proof that micro entrepreneurs are not just overwhelmed, they're actively pushing back.' MAMBA also highlighted the confusion this policy creates for micro business owners, many of whom are unfamiliar with e-commerce and digital tools. As requirements differ between selling on an e-commerce marketplace and operating a stand-alone website, the lack of clarity risks further discouraging traditional sellers from embracing online platforms. As it is, micro businesses are a crucial part of Malaysia's economy. According to the Department of Statistics out of 1,173,601 micro, small and medium enterprises (MSMEs) registered in 2022, of which a staggering 78.7% or 923,667 were micro businesses. – May 13, 2025

Jobless jailed, fined for hurting son
Jobless jailed, fined for hurting son

Daily Express

time3 hours ago

  • Daily Express

Jobless jailed, fined for hurting son

Published on: Saturday, June 07, 2025 Published on: Sat, Jun 07, 2025 By: Cynthia D Baga Text Size: The offence is framed under Section 324/326A of the Penal Code. Kota Kinabalu: A 43-year-old jobless was jailed six years and fined RM2,000 in default three months for causing hurt to his son with a wooden stick. Shahmar Asecio pleaded guilty before Sessions Court Judge Marlina Ibrahim, to the charge against him. Advertisement He hurt to his 16-year-old son by hitting him with the wood at 11.30am on June 2, this year at a house in Kg Baitam Laut, Membakut. The offence is framed under Section 324/326A of the Penal Code. The court ordered Shahmar to serve the jail sentence concurrently with the sentence for another offence. In mitigation, Shahmar who was not represented asked for a lenient sentence. Advertisement However, Deputy Public Prosecutor Afiqah Alya urged the court to impose a heavy sentence to deter and give a lesson not only to Shahmar but public at large from committing such offence. The court heard that while the son was in the kitchen Shahmar came from behind and hit him with wood on his shoulder, head and right leg. The victim's mother then tried to stop Shahmar who suddenly took a machete and threatened the victim with the weapon. The son who was in fear then lodged a police report which led to Shahmar's arrest on the same day. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store