Company owner loses RM1.8mil to online investment scam
The victim made payments totalling RM1.8 million to several bank accounts between November 2024 and January this year.
JOHOR BAHRU : A company owner suffered losses amounting to RM1.8 million after allegedly being duped by an online investment scam in October last year.
Johor police chief M Kumar said the 66-year-old man had come across an advertisement on social media that promised high returns in a short time.
Enticed by the offer, he clicked on the link provided to learn more and was offered a 200% return on his investment within three months.
'The victim made payments totalling RM1.8 million to several bank accounts between November 2024 and January this year. He also downloaded an application and created an account, as instructed by the suspect, to monitor his investments.
'However, no returns were received, and the scammer gave various excuses. The victim believed he had been scammed when he could no longer contact the scammer and found himself blocked from accessing the application,' he said in a statement.
He said the businessman lodged a police report yesterday, and the case is being investigated under Section 420 of the Penal Code for cheating and dishonestly inducing delivery of property.
Kumar advised the public to be vigilant and not be easily deceived by online investment schemes promising quick and attractive returns.
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