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New Straits Times
29-07-2025
- 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 Star
29-07-2025
- 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.
