Latest news with #RM422
New Straits Times
7 days ago
- Business
- New Straits Times
Engineer loses RM169,500 in bogus investment scheme
KULAI: A 30-year-old engineer was duped into investing RM169,500 in a bogus stock scheme that promised up to 20 per cent returns in just a week. The man lodged a police report yesterday after attempts to withdraw his so-called profits of RM422,662.34 were futile. District police chief Assistant Commissioner Tan Seng Lee said the victim, who was drawn by the promise of quick gains, made 11 cash transfers amounting to RM169,500 into a bank account between April 3 and May 22. The funds were supposedly channelled into an investment platform application. "However, when he attempted to cash out the displayed "returns", the withdrawal failed. Instead, the syndicate demanded a further RM80,000 in fees before any payout could be made, which triggered the victim's suspicion. Tan said the case is probed under Section 420 of the Penal Code for cheating. "The public must remain vigilant and avoid falling for investment schemes that offer unusually high returns within a short period," Tan warned in a statement today.
The Star
7 days ago
- The Star
Johor engineer cheated of RM160,000 in non-existent investment scheme
KULAI: An engineer has fallen victim to a fraudulent investment scheme, losing more than RM160,000 of his savings to a syndicate promoting a non-existent stock trading platform that promised lucrative returns. Kulai OCPD Asst Comm Tan Seng Lee said the 30-year-old male victim lodged a police report on Tuesday (May 27) after realising he had been duped. 'The victim was lured by a scheme that promised returns of between 8% and 20% within just seven days. The suspect claimed that profits from the investment would be credited into the victim's account via an app called P3-DMA,' he said here on Wednesday (May 28). ACP Tan added the victim, enticed by the potential gains, then proceeded to make 11 transactions between April 3 and May 22 this year, transferring a total of RM169,500 into a local bank account believed to be linked to the syndicate. He said the victim later checked his P3-DMA account and saw a balance showing an alleged return of more than RM422,000. 'When he tried to withdraw the so-called profits, the suspect demanded an additional payment of RM80,000 in order to process the withdrawal. 'It was at this point the victim suspected he had been scammed and came forward to file a report,' he said, adding that the case was being investigated under Section 420 of the Penal Code. ACP Tan urged the public to exercise caution when offered investment opportunities that promise unrealistically high returns in a short period of time. 'We advise the public to verify the legitimacy of investment schemes and use official online services provided by the police commercial crime investigation department, such as the National Scam Response Centre (NSRC), CCID Infoline, and Semak Mule. 'Information on the latest scams is also regularly updated on the official Royal Malaysia Police Facebook page,' he added.
New Straits Times
26-05-2025
- Business
- New Straits Times
NexG to build RM250mil secure ID facility to power global expansion
KUALA LUMPUR: NexG Bhd, formerly known as Datasonic Group Bhd, is developing a RM250 million secure identification (ID) document production facility as part of its global expansion strategy. The Industry 4.0-ready plant will feature fully automated systems, artificial intelligence and extensive research and development (R&D) to enhance precision and scalability, the company said in a statement today. The facility is expected to significantly boost the group's production capacity for secure identity documents, including e-passports and national ID cards. The project will be carried out in three phases, with each phase expected to produce more than 15 million secure ID units annually. When fully completed, the facility will raise NexG's total output capacity by 50 million units. Revenue potential from each phase is estimated between US$100 million (RM422 million) and US$200 million (RM844 million), depending on the document type, client requirements and the level of security features embedded. The expansion will be spearheaded by a newly incorporated subsidiary, Datasonic Global Technologies Sdn Bhd (DGT), which will focus on international markets and strategic partnerships with governments and system integrators. "This marks a significant next step for NexG," said executive chairman and chief executive officer Datuk Hanifah Noordin. "We believe that by strengthening our production capabilities and creating a dedicated global platform, NexG will be well-positioned to bring Malaysian-developed secure identity technologies to more countries around the world." NexG's technology underpins Malaysia's e-passport and MyKad systems, both of which have been recognised globally for their advanced security. The company's e-passport, first issued in 1998, was the world's first biometric passport and is accepted by all 193 member states of the International Civil Aviation Organisation. Funding for the RM250 million investment will come from internal funds, equity raising, strategic partnerships and borrowings. The new facility is also expected to support future innovations in R&D and system integration. According to SkyQuest Technology, the global e-passport market is projected to nearly triple from US$32.42 billion (RM136.78 billion) in 2023 to US$94.35 billion (RM398.06 billion) by 2032, driven by growing demand for biometric-based identity systems. NexG said it aims to tap into this growth, particularly in Asean, Africa and other emerging regions.
