Latest news with #122
The Sun
6 days ago
- Business
- The Sun
Elderly man loses RM1.47 million to online trading scam
IPOH: An elderly man suffered losses of over RM1.47 million after he fell victim to an online trading scam, Perak police chief Datuk Noor Hisam Nordin said. The man, 75, who is a company director, lodged a police report in Ipoh on May 25 about the scam that began on April 15, when he received a phone call from an unidentified woman offering him to be a partner of a company trading with another company abroad, he said. The victim agreed to become a partner after he checked the company's status and found it was operating since 1989, and was then asked to download an app called SHV Shop. 'If a customer wished to purchase an item, the victim only had to pay the selected price and would get a commission of 30 per cent,' he said in a statement last night. The victim then paid a deposit of RM22,122 via a cash deposit machine to a Maybank account of a company. 'Thinking about his would-be profits, the victim deposited a total of RM1,470,734 from April 17 to May 16 into six different bank accounts through online transfers and bank counters,' he said, adding that the victim did not receive any returns and felt that he was scammed. The case is being investigated under Section 420 of the Penal Code.
The Sun
6 days ago
- Business
- The Sun
Elderly man loses RM1.47m to online trading scam
IPOH: An elderly man suffered losses of over RM1.47 million after he fell victim to an online trading scam, Perak police chief Datuk Noor Hisam Nordin said. The man, 75, who is a company director, lodged a police report in Ipoh on May 25 about the scam that began on April 15, when he received a phone call from an unidentified woman offering him to be a partner of a company trading with another company abroad, he said. The victim agreed to become a partner after he checked the company's status and found it was operating since 1989, and was then asked to download an app called SHV Shop. 'If a customer wished to purchase an item, the victim only had to pay the selected price and would get a commission of 30 per cent,' he said in a statement last night. The victim then paid a deposit of RM22,122 via a cash deposit machine to a Maybank account of a company. 'Thinking about his would-be profits, the victim deposited a total of RM1,470,734 from April 17 to May 16 into six different bank accounts through online transfers and bank counters,' he said, adding that the victim did not receive any returns and felt that he was scammed. The case is being investigated under Section 420 of the Penal Code.
New Straits Times
7 days ago
- Business
- New Straits Times
Company director loses RM1.4 million to fake investment syndicate
IPOH: A company director lost RM1.4 million after being duped by a syndicate offering fake investment trading partnerships. The ordeal began when the 75-year-old man received a call from a woman on April 15, offering him a partnership in a company to purchase goods from another company based overseas. After verifying that the company had been operating since 1989, the man agreed to the offer. He was then asked to download an app linked to the company, which purportedly sold luxury goods. Perak police chief Datuk Noor Hisam Nordin said the man was told he would earn a 30 per cent commission if customers bought the goods, but he had to pay for the items himself. "The man paid a deposit of RM22,122 via a cash deposit machine into a company bank account. "Believing in the promised returns, the complainant went on to transfer a total of RM1.47 million into six different company bank accounts via online transfers and by visiting bank counters," he said in a statement tonight. Noor Hisam said the victim only realised he had been scammed when he received no returns on the funds transferred between April 17 and May 16. He lodged a police report last Sunday.
The Star
7 days ago
- Business
- The Star
Elderly company director loses RM1.4mil to online trading scam
IPOH: A 75-year-old company director here lost about RM1.4mil after falling victim to an online trading scam. Perak police chief Comm Datuk Noor Hisam Nordin said the man had on April 15 received a call from an unknown woman offering him to be a business partner who buys products from foreign companies. "Having supposedly checked the status of the company, which he found to be operating since 1989, he agreed to take part. "He was asked to download a mobile app SHV Shop that sells luxurious branded items," Comm Noor Hisam said in a statement on Tuesday (May 27). "If someone wants to buy a product, the man would need to pay for it up front and he would get 30% in commission," he said, adding that his first transaction of about RM22,122 was made through a cash deposit machine to a bank account of said company. "Having received the return, he trusted the company and conducted online and over-the-counter transactions of about RM1.4mil into six different bank accounts. "After the transactions, he stopped receiving any returns and he realised he has been cheated," he added. Comm Noor Hisam said the man lodged a report on Sunday (May 25), with the case to be investigated under Section 420 of the Penal Code for cheating. "The police would like to remind the people to be careful of investment schemes that promise overly-high returns. "Also check trustworthy sources like SemakMule, Bank Negara and Securities Commission to get more information before investing in any schemes," he added.
Business Recorder
24-05-2025
- Business
- Business Recorder
Pakistan budget 2025-26: Rs2.8 trillion defence budget proposed citing ‘war-like situation' with India
With Pakistan scheduled to unveil its federal government budget for fiscal year 2025-26, Tola Associates, a tax advisory and consultancy firm, has proposed to raise the defence budget to Rs2.8 trillion, reflecting a 32% increase as compared to the last fiscal, owing to a 'war-like situation' with neighbouring India. The tax advisory firm gave the proposal in its report 'Budget 2025-26 a rare catalyst for course correction', released on Saturday. 'The budgeted defence expenditure stood at Rs2,122 billion for FY25 while the actual expenditure till March 2025 was Rs1,424 billion. [However], due to the ongoing war situation with the neighbouring country, defence spending may increase by up to 50% in the Q4FY25,' read the report. The firms noted that in the previous three years, defence expenditure in the last quarter accounted for 36% of the annual total defence expenditure made throughout the fiscal year. Pakistan budget 2025-26: expenditure likely to fall by massive Rs2 trillion, says report 'Given the current regional tensions and the need to ensure Pakistan's defence preparedness, we estimate total defense spending to reach Rs2.4 trillion by June 2025.' Moreover, it also proposed to enhance the defence budget to Rs2.8 trillion in FY26, reflecting a 32% increase when compared with the outgoing FY's budget, 'due to the war situation with the neighbouring country and the new recruitment of army personnel'. In its report, Tola said that the upcoming budget serves as a great opportunity for course correction. 'It is a rare catalyst to realign the direction of our economy.' It said that the upcoming budget theme should focus on creating a balance between stability and economic growth. 'Therefore, economic and fiscal reforms should be framed in a manner that puts the economy on a path of steady growth.' Tola estimate the budget expenditure for FY26 to be around Rs17.2 trillion, lower than the Rs18.9 trillion budgeted by the government in FY25. The decline in expenditure comes amid an expected reduction in markup payments, which are likely to reduce to Rs7.5 trillion in FY26, compared to Rs9.8 trillion originally budgeted for FY25. IMF, govt to continue FY26 budget discussions 'over the coming days' The tax advisory estimated the federal development budget (PSDP/public sector development programme) at Rs950 billion for FY26, far lower than the Rs1.4 trillion budgeted in FY25. The report estimated the FBR revenue collection at Rs13.5 trillion for FY26. 'As per our estimates, if the FBR collects around 11.9 trillion in FY25, given our inflation estimates at 10.0% and estimated GDP growth at 3% in the upcoming FY26, then the FBR might collect only Rs13.5 trillion worth of tax revenue.
