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The Sun
2 days ago
- Business
- The Sun
Medical practitioner loses RM8.7 mln in online investment scam
JOHOR BAHRU: A 53-year-old medical practitioner lost her life savings of RM8.7 million after being deceived by an online investment scam offering unrealistic stock trading profits. Johor Bahru Selatan deputy police chief Supt Azrul Hisham Mohd Shaffei revealed that the victim encountered the fraudulent scheme through a social media advertisement in April. The scammer enticed her with promises of high returns, leading her to engage in further discussions. 'The suspect offered returns of up to 520 percent on her investment, convincing her to transfer RM8.7 million into multiple bank accounts between May and July,' he said. Despite the substantial investment, the victim was later informed she had only earned RM6,033 in returns. The fraudster then pressured her into paying an additional RM500,000 as a 'deposit' to withdraw her funds. Azrul Hisham added that the victim realised she had been scammed after receiving threats that her account would be frozen. She filed a police report yesterday, and authorities are investigating the case under Section 420 of the Penal Code for cheating. - Bernama
Sinar Daily
2 days ago
- Business
- Sinar Daily
Medical practitioner loses RM8.7 million in savings to online investment scam
The victim had come across an advertisement for the scheme on social media in April and was lured by promises of lucrative profits. 30 Jul 2025 05:25pm Photo for illustration purposes only. JOHOR BAHRU - A 53-year-old medical practitioner lost her savings of RM8.7 million after falling victim to an online investment scam promising high returns from stock trading. Johor Bahru Selatan deputy police chief Supt Azrul Hisham Mohd Shaffei said the victim had come across an advertisement for the scheme on social media in April and was lured by promises of lucrative profits. He said the woman began corresponding with the suspect to obtain more details, and was eventually offered returns of up to 520 percent on her investment. "Convinced by the promised profits, the victim made payments amounting to RM8.7 million into several bank accounts as instructed by the suspect, between May and July,' he said in a statement today. However, despite the large sum invested, the victim was later informed she had earned only RM6,033 in returns, and was then coerced into paying an additional RM500,000 as a 'deposit' to withdraw her funds. Azrul Hisham said the victim was also threatened that her investment account would be frozen, prompting her to realise she had been duped. She lodged a police report yesterday, and the case is being investigated under Section 420 of the Penal Code for cheating. - BERNAMA More Like This
New Straits Times
2 days ago
- Business
- New Straits Times
Doctor's life savings wiped out in RM8.7mil investment fraud
JOHOR BARU: A 53-year-old doctor lost her entire life savings of RM8.7 million after falling victim to an online investment scam that promised unrealistically high returns of up to 520 per cent. The woman lodged a police report yesterday after her attempts to withdraw the so-called profits proved futile. She had been enticed by a flashy investment advertisement on social media in April this year. Drawn in by the promise of lucrative gains, she contacted the syndicate behind the advertisement and was gradually persuaded to transfer the substantial sum into multiple bank accounts between May and July. Johor Baru (South) deputy police chief Superintendent Azrul Hisham Mohd Shaffei said the woman initially received RM6,033 in returns. However, subsequent attempts to withdraw the remaining "profits" were blocked, with the syndicate making further demands for payment, he said.. "The victim was threatened that her account would be frozen unless she paid an additional RM500,000 in so-called 'deposit' fees," he added. The case is being investigated under Section 420 of the Penal Code for cheating, which carries a jail term of between one and 10 years, whipping, and a fine upon conviction. Azrul advised the public to remain cautious and not be swayed by online schemes offering extravagant profits, especially those advertised on social media. He urged individuals to verify any investment opportunities through official platforms such as the police, Bank Negara Malaysia, or the Securities Commission. He also encouraged the public to stay up to date with the latest commercial crime tactics via the Commercial Crime Investigation Department's Facebook, Instagram, and TikTok pages.
The Star
20-07-2025
- The Star
Cops seize over half a million ringgit worth of cosmetics, supplements
KUALA LUMPUR: Various types of cosmetic products and food supplements without approval from the Health Ministry, stored for online sale on social media platforms, have been seized in two raids in Segambut on Wednesday (July 16). Bukit Aman internal security and public order department director Datuk Seri Azmi Abu Kassim said that in the first raid, they arrested a man and two foreign women, aged from 28 to 30, and seized 1,972 boxes and 2,551 bottles of various types of cosmetic products and food supplements. "A 40-year-old man, who is also the premises owner, then led police personnel to another residence, where we found 180 boxes and 895 bottles of various types of cosmetic products and food supplements without ministry approval, with the total value of the seizure estimated at RM185,515," he said in a statement on Sunday (July 20). He said the operation also involved enforcement officers from the Health Ministry and Kuala Lumpur City Hall (DBKL), adding that the cases are being investigated under Regulations 18A and 7(1)(a) of the Control of Drugs and Cosmetics Regulations 1984. Meanwhile, Azmi said that from January to July 16, police carried out 167 raids and arrested 300 people for various offences, including smuggling undeclared goods, leakage of controlled and subsidised goods, sale of imitation weapons, wildlife smuggling and e-waste operations. "The total value of the seizures during that period is estimated at RM541,033,501. We will intensify intelligence-gathering and operations to combat these activities for the safety and welfare of the public," he said. – Bernama
Business Recorder
05-06-2025
- Business
- Business Recorder
K-Electric write-offs: NEPRA allows Rs50 billion as ‘full and final claim'
The National Electric Power Regulatory Authority (NEPRA) on Thursday issued its decision on K-Electric's (KE) write-off petition, allowing Rs50 billion as 'full and final claim' against the company's claims worth Rs76 billion pertaining to the Multi-Year Tariff (MYT) control period spanning FY17–FY23. The authority had reserved the decision on KE's plea last month. 'The authority hereby approves Rs50,013 million on account of write-offs pertaining to the billing of MYT 2017-2023 for K-Electric as full and final claim in line with the write off criteria stipulated in the final determination against write-off claims of Rs76,033 million,' the NEPRA said in its order. Source: NEPRA 'The authority, while allowing the write-offs is conscious of the fact that all possible efforts have already been made by K-Electric, as confirmed by the auditors. 'However, in the interests of the consumers, KE is directed to continue to actively pursue the recovery of the maximum possible amount. In case a written off amount is subsequently recovered by KE, the benefit of such amount shall be passed on to the consumers in the immediate quarterly adjustments and KE shall be required to separately disclose this amount,' the order read. KE CEO draws criticism at NA committee meeting The NEPRA further said KE shall also be required to submit certificate from its auditors each year, clearly mentioning the recovery of written off amounts, if any, pertaining to MYT 2017-2023. '….out of the requested write-offs of Rs76,033 million, approximately Rs24,337 million pertains to the previous MYT period before July 1, 2016. The previous MYT was performance based and losses were to be borne by KE and gains, if any, beyond allowed limits were subject to claw back mechanism. 'The write-off mechanism in no way allow KE to claim write-off of the previous MYT. Allowing write-offs of the previous MYT will be a clear duplication of cost. Therefore, there is no justification to allow write-offs of Rs24,337 million pertaining to the previous MYT period and the same is being set aside and disallowed,' the order read. According to KE, additional claims between FY17 and FY23 were related to unrecoverable dues against chronic defaulters filed by the utility. KE is allowed to claim these costs in the Multi-Year Tariff awarded to the utility, which is independent of the rates of electricity charged to customers in monthly bills under the uniform tariff policy. 'With this decision, majority of items pending to the previous control period have come to a close. KE looks forward to the MYT for the control period spanning FY 24 to FY 30, committed to meeting its serviced territory's energy needs,' KE CEO Moonis Alvi said. During the hearings on the KE's plea, majority of the stakeholders had objected the additional and pending write-off claims. The representative of Jamaat-e-Islami (JI) had raised the issue of 'bogus bills' which they said had been subsequently claimed as write-off. Representatives of the city's business communities had also raised concerns similar concerns. Net-metering in Pakistan: A solution for clean energy or a grid crisis? K-Electric filed its integrated MYT petition on March 31, 2016, requesting determination of MYT for a period of ten years commencing from July 01, 2016 to June 30, 2026. The said petition was decided by the authority, vide determination dated 20.03.2017, allowing KE a MYT for a period of seven years from July 2016 to June 2023. Privatised in 2005, KE is the only vertically integrated power utility in Pakistan supplying electricity to Karachi and its adjoining areas. The approval of the claims had been termed critical by the utility for its financial sustainability. Last month, the NEPRA approved KE's new MYT for transmission and distribution (T&D) network segments for FY2024 to FY2030 (MYT Period). Later, the authority also approved the utility's new MYT for the supply segment for the same period.
