Latest news with #740
New Straits Times
a day ago
- New Straits Times
Muar man falls for RM6mil online trading trap, loses RM488,740
MUAR: Lured by promises of sky-high returns, a 46-year-old furniture factory worker lost nearly half a million ringgit after falling victim to a bogus online stock investment scam, run through a fake mobile app. District police chief Assistant Commissioner Raiz Mukhliz Azman Aziz said the victim lodged a report yesterday, claiming losses of RM488,740 following a series of transactions over the past two months. The scam began when the man clicked on a stock investment advert on social media and was later contacted via WhatsApp by an unknown individual who instructed him to download an app called 'PHG Plus'. "The app promised weekly returns of 50 per cent and up to 500 per cent in six months," Raiz said in a statement today. Convinced the scheme was legit, the victim made 39 cash transfers between May 21 and July 21 to six different bank accounts, totalling RM488,740. However, when he tried to withdraw his supposed profits — which the app claimed had grown to over RM6 million — he was told to pay an additional RM600,000 in 'income tax' to access the funds. It was then that he realised he had been scammed. The case is being investigated under Section 420 of the Penal Code for cheating, which carries a jail term of up to 10 years, whipping, and a fine upon conviction. Raiz urged the public to be wary of investment schemes offering unrealistic returns, and to verify such offers via official police social media platforms, including Facebook, Instagram, and TikTok.
The Sun
a day ago
- Business
- The Sun
Factory worker loses RM500k in online investment scam in Muar
MUAR: A 46-year-old factory worker lost nearly RM500,000 after falling victim to an online investment scam promising unrealistically high returns. The victim, who lodged a police report yesterday, was lured by an advertisement on social media in early May. Muar police chief ACP Raiz Mukhliz Azman Aziz said the victim clicked on a link and was later contacted via WhatsApp by an unknown individual. The scammer instructed him to download an app called 'PHG PLUS,' which guaranteed returns of 50% within a week and 500% in six months. 'Believing the promises, the victim deposited a total of RM488,740 into six different accounts through 39 transactions between May 21 and July 21, 2025,' Raiz Mukhliz said in a statement. The victim only realised he had been cheated when he tried to withdraw what was supposedly RM6 million in profits. He was then asked to pay an additional RM600,000 for 'income tax' before any withdrawal could be processed. The case is now being investigated under Section 420 of the Penal Code for cheating. Authorities urge the public to be cautious of online investment schemes offering unusually high returns. – Bernama
The Star
a day ago
- Business
- The Star
Muar man loses nearly RM500K to investment scam
MUAR: A man here was duped into losing almost half a million ringgit in a bogus online investment scheme promising high returns within months. Muar OCPD Asst Comm Raiz Mukhliz Azman Aziz said the 46-year-old victim lodged a police report on Monday (July 28) after realising he had been scammed out of RM488,740 over two months. 'The victim came across an investment advertisement on social media and clicked on a link which directed him to communicate with an unknown individual via WhatsApp. 'The victim was then instructed to download a mobile application called 'PHG Plus', allegedly for investment purposes,' he said here on Tuesday (July 29). ACP Raiz Mukhliz added that the victim, who works at a furniture factory here, was promised an attractive return of 50% within a week and up to 500% in six months. He said between May 21 and July 21, the victim made 39 transactions totalling RM488,740 into six different bank accounts provided by the suspect. 'However, when he tried to withdraw his so-called profits, which appeared to have reached over RM6mil in the app, he was told to first pay an additional RM600,000 as 'income tax'. 'It was at that point that the victim realised he had been cheated,' he said, adding that the case was being investigated under Section 420 of the Penal Code for cheating. ACP Raiz Mukhliz urged the public to be vigilant against online investment scams that promise unrealistic returns within a short period. 'Always verify with official sources before making any financial commitments. 'Please follow the Royal Malaysia Police Commercial Crime Investigation Department's social media accounts on Facebook, Instagram and TikTok for updates on the latest scam tactics,' he added.
TimesLIVE
15-07-2025
- Automotive
- TimesLIVE
Volvo books $1bn impairment charge due to tariffs, launch delays
Sweden-based Volvo Cars is booking a impairment charge of 11.4bn crowns (R21,418,740,000) in the second quarter related to its ES90 and upcoming EX90 models, due to tariffs and launch delays, it said on Monday. The group, controlled by China's Geely Holding, said it is unable to profitably sell its Volvo ES90, which is built in China, in the US due to import tariffs, while profit margins for the same model are under pressure in Europe for the same reason. "The charge primarily reflects adjustments in expected volumes and planned lifecycle profitability associated with the platform for the EX90 and ES90 cars," it said. The impairment charge also reflects significant launch delays in the past and subsequent additional development costs, it said. Out of the total amount, 4.0bn crowns (R7,433,900,000) is estimated to impact cost of sales and most of the remaining amount affects the R&D line in the financial reporting. Volvo Cars, due to publish second-quarter results on July 17, said the effect on net income in the period will be 9.0bn crowns (R16,712,982,000).
Business Standard
07-07-2025
- Business
- Business Standard
Container Corporation Of India allots 15.23 cr bonus shares
The Board of Container Corporation Of India at its meeting held on 07 July 2025 has allotted 15,23,23,587 fully paid-up bonus equity shares of Rs.5 /-each to eligible shareholders. The bonus share were allotted to the shareholders, whose names appeared in the register of members/ list of beneficiary owners as on 04 July 2025, being the record date fixed for this purpose. After the above allotment, the paid up equity share capital of the Company stands increased to Rs.380,80,89,675/-consisting of 76,16,17,935 equity shares of Rs.5/-each from earlier Rs.304,64,71,740/-consisting of 60,92,94,348 equity shares of Rs.5/-each.
