Financial analyst deceived into investing in non-existent scheme, loses nearly RM150,000
KUALA TERENGGANU: A financial analyst was left devastated after losing his savings of RM147,350 to a fraudulent investment syndicate operating through a non-existent scheme.
Kuala Terengganu police chief ACP Azli Mohd Noor said it in February when the 42-year-old victim came across a stock investment advertisement on the social media platform 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 7.36 pm 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.
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