Promises of quick profit cost Johor man RM301,000 in stock scam

Malay Mail

2 days ago

JOHOR BAHRU, July 19 — An elderly e-hailing driver lost RM301,300 after falling victim to an online scheme that promised quick and lucrative returns through investments in foreign stocks.
Seri Alam police chief Supt Mohd Sohaimi Ishak said the 67-year-old victim was first introduced to the fraudulent scheme in April by a woman he had just met.
'Believing the woman's promises, the victim made 11 transfers to four different bank accounts, amounting to RM301,300,' he said in a statement.
However, he never received any returns. Instead, he was repeatedly asked to make additional payments, supposedly to facilitate the release of his profits.
Realising he had been scammed when he could no longer reach the woman and failed to recover his investment, the victim lodged a police report on Monday.
Mohd Sohaimi said preliminary checks using the Semak Mule platform by the Commercial Crime Investigation Department revealed that three of the bank accounts involved had been flagged in 27 previous police reports linked to investment scams.
The case is being investigated under Section 420 of the Penal Code for cheating, which carries a maximum sentence of 10 years' imprisonment, caning and a fine upon conviction.
He added that investigators are also looking into the existence of mule accounts under Section 424 of the Penal Code, which covers the use of accounts or payment instruments for criminal purposes.
'Upon conviction under Section 424, offenders face a fine of between RM10,000 and RM150,000 or imprisonment of three to 10 years,' he said.
He advised the public to be wary of online investment schemes promising quick and high returns, especially those that appear overly easy or risk-free.
'The public is also urged to verify any investment opportunity with relevant authorities such as the Royal Malaysia Police, Bank Negara Malaysia, or the Securities Commission to ensure its legitimacy,' he added. — Bernama