Financial analyst loses nearly RM150,000 to fake investment scheme
KUALA TERENGGANU: A financial analyst lost his savings of RM147,350 to a fraudulent investment syndicate running a non-existent scheme promoted on social media.
Kuala Terengganu police chief Assistant Commissioner Azli Mohd Noor said the incident began in February when the 42-year-old victim came across a stock investment advertisement on Instagram.
He said the victim clicked on the advertisement link and was subsequently invited to join a WhatsApp group comprising 125 members who actively discussed stock market trends.
"One of the group members claimed to be an employee of a securities and investment company based in China.
"The suspect persuaded the victim to invest using a platform called HTGIC, but required him to transfer money to several company accounts beforehand as part of the stock trading process.
"The suspect assured the victim that he would be able to monitor all transaction records through the platform and freely manage the funds for stock purchases and sales," Azli said in a statement today.
Azli said the victim had made 13 money transfers amounting to RM147,350 to five different bank accounts as part of the so-called investment.
He said that in addition to using his savings, the victim had also borrowed money from his mother and used company funds to invest in the fraudulent scheme.
"The victim lodged a police report at 7.36pm yesterday after failing to see any returns from the investment to date.
"The case is being investigated under Section 420 of the Penal Code for cheating," he added. — BERNAMA
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Express
3 hours ago
- Daily Express
Azam Baki confirms possible prosecutions in Sabah graft case
Published on: Saturday, June 07, 2025 Published on: Sat, Jun 07, 2025 By: Bernama Text Size: KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has completed the investigation paper regarding a video clip of the alleged corruption scandal involving a Sabah state assemblyman. According to a source, the investigation paper was sent to the prosecution for review two weeks ago. Advertisement The source said there is a possibility that prosecutions will be carried out against several individuals soon. Meanwhile, MACC Chief Commissioner Tan Sri Azam Baki, when contacted by Bernama , confirmed the matter and said that there might be further prosecutions against several other individuals. Recently, several video recordings have gone viral, allegedly showing conversations related to corruption between certain individuals and several Sabah lawmakers regarding the issue of mineral licensing in the state. The MACC had previously announced that it had opened investigation papers regarding the matter and conducted a thorough investigation, including digital forensic analysis of the evidence. * 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
Barnama
7 hours ago
- Barnama
MCMC Clarifies Mobile Phone Data Collection Amid Media Reports, Ensures Privacy
KUALA LUMPUR, June 6 (Bernama) -- The Malaysian Communications and Multimedia Commission (MCMC) has clarified its collection of mobile phone data (MPD) from Mobile Network Operators (MNOs), assuring that no Personally Identifiable Information (PII) is accessed, processed, or disclosed. The clarification comes amid recent media reports regarding the matter. In a statement today, MCMC said MPD was used strictly for the generation of official statistics to support evidence-based policymaking in two key domains, namely the ICT Sector and the Tourism Sector. For the ICT Sector, MPD helps produce granular statistics, such as the number of active mobile broadband subscriptions and penetration rates at the state, district, mukim, parliamentary constituency, state legislative assembly (DUN), and local authority levels. For the Tourism Sector, it generates indicators such as the number of visitors and domestic tourism trips. 'The MPD data requested from MNOs is anonymised and contains no PII. 'In addition, MNOs are given the option to either process the MPD data within their own secure environment and submit the required anonymised and aggregated output to MCMC, or, for MNOs without in-house processing capabilities, to submit the anonymised data to MCMC for processing. 'In both cases, no individual subscriber can be identified through the data collected,' it said. MCMC further clarified that the use of MPD as a new source of national statistics was a strategic direction set by the government to strengthen the quality and timeliness of statistical outputs for policy and planning purposes. Implementation of MPD is through collaboration with the International Telecommunication Union (ITU) and the UN Committee of Experts on Big Data and Data Science, it added. Over the past two years, MCMC said extensive engagement with all MNOs had been carried out to ensure mutual understanding of the data requirements, processes, and privacy safeguards.
The Star
8 hours ago
- The Star
Policeman killed in motorcycle accident on NSE near Kuala Kangsar
IPOH: A policeman has been killed while on his way home to Kedah after the motorcycle he was riding skidded at KM253.7 of the North-South Expressway (NSE) northbound near Kuala Kangsar. Perak police chief Datuk Noor Hisam Nordin said in the 7.24pm incident on Thursday (June 5), the victim Shamsul Ishak, 58, sustained injuries to his left rib area. "Further investigations found that the victim lost control (of his motorcycle), skidded and crashed into a metal road divider. "The victim, who was severely injured, was taken to the Taiping Hospital for further treatment. "However, he was pronounced dead at 9.24pm," he said. He added the victim was on holiday and making his way home to Alor Setar, Kedah. He added that further investigations are still ongoing and the case is now being investigated under Section 41(1) of the Road Transport Act 1987. – Bernama
