Muar man falls for RM6mil online trading trap, loses RM488,740
District police chief Assistant Commissioner Raiz Mukhliz Azman Aziz said the victim lodged a report yesterday, claiming losses of RM488,740 following a series of transactions over the past two months.
The scam began when the man clicked on a stock investment advert on social media and was later contacted via WhatsApp by an unknown individual who instructed him to download an app called 'PHG Plus'.
"The app promised weekly returns of 50 per cent and up to 500 per cent in six months," Raiz said in a statement today.
Convinced the scheme was legit, the victim made 39 cash transfers between May 21 and July 21 to six different bank accounts, totalling RM488,740.
However, when he tried to withdraw his supposed profits — which the app claimed had grown to over RM6 million — he was told to pay an additional RM600,000 in 'income tax' to access the funds.
It was then that he realised he had been scammed.
The case is being investigated under Section 420 of the Penal Code for cheating, which carries a jail term of up to 10 years, whipping, and a fine upon conviction.
Raiz urged the public to be wary of investment schemes offering unrealistic returns, and to verify such offers via official police social media platforms, including Facebook, Instagram, and TikTok.
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