Retiree scammed of RM459,000 in online investment scheme
JOHOR BAHRU: A retiree lost RM459,000 after falling victim to an online stock investment scam.
Johor Bahru Selatan police chief, ACP Raub Selamat, said based on the report lodged by the 73-year-old man yesterday, the scam is believed to have begun in December last year when he received an unsolicited investment offer via WhatsApp from an unknown number.
'The victim was added to a WhatsApp group called 'PJT Academy', which claimed to provide stock trading lessons using an app known as 'USMSG'.
'The suspect allegedly promoted an investment scheme said to operate in Malaysia and China, with returns of between 10 and 200 percent,' he said in a statement.
He added that, lured by the promise of high returns, the victim made 23 fund transfers amounting to RM459,000 from his HSBC account to 10 different bank accounts between Jan 10 and April 17 this year.
He said the victim initially received a return of RM18,360, which encouraged him to continue investing.
However, after being asked to pay a 'processing fee' to withdraw further profits, the victim failed to receive the promised returns.
The case is being investigated under Section 420 of the Penal Code for cheating, which carries a maximum penalty of 10 years imprisonment, caning and a fine upon conviction.
Raub cautioned the public not to be easily swayed by investment advertisements on social media that promise unusually high returns, and urged individuals to verify the legitimacy of such schemes with the Securities Commission Malaysia and Bank Negara Malaysia.
He also encouraged the public to follow the official social media channels of the Commercial Crime Investigation Department on Facebook, Instagram and TikTok for the latest updates on commercial scam tactics.
Victims of fraud, he added, are advised to contact the National Scam Response Centre via the 997 hotline to take immediate action in blocking fund transfers from suspect accounts.
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