4 days ago
- Business
- New Straits Times
Manager loses RM1.3 million in online investment scam
GEORGE TOWN: A manager of a health-based company has fallen victim to an online investment scam, resulting in losses amounting to RM1,316,111.
The Seberang Prai Selatan Commercial Crime Investigation Department is investigating the case under Section 420 of the Penal Code for fraud.
State police chief Datuk Hamzah Ahmad said the 46-year-old victim saw an advertisement on stock trading on Instagram in April.
He said the victim then contacted a woman, suspected to be part of a fraud syndicate, through WhatsApp.
"Promised high returns within a short time, the victim downloaded the TPG Pro application and proceeded to invest.
"Between April 27 and May 29, the victim transferred RM1.3 million in 21 transactions to four different company accounts associated with the investment scheme.
"The victim became suspicious when he could not withdraw any of his profits and was asked to increase his capital contribution to access the promised returns," he said today.
Hamzah urged the public to exercise caution and avoid investment offers not recognised by official agencies such as Bank Negara Malaysia, Securities Commission Malaysia and Companies Commission of Malaysia.
"This crime poses a serious threat to our country's economic stability.
