Latest news with #fraud
Malay Mail
43 minutes ago
- Business
- Malay Mail
Retired engineer in Sibu loses over RM224,000 to online investment scam
SIBU, May 28 — A retired private-sector engineer from here lost RM224,403 in a month after falling victim to an online investment scam that falsely promised lucrative returns of up to RM750,000. Sibu police chief ACP Zulkipli Suhaili said the victim, a man in his 60s, only realised he had been scammed when he was asked to pay an additional RM100,700 as 'tax' to withdraw the supposed investment profits, which did not exist. He said the victim was initially drawn to the so-called investment offer, promoted as the 'Investment Stock Market' by a company named KKR Investment on Instagram on April 9. Later, he received further explanation via WhatsApp from someone claiming to be a company representative. 'If the victim agreed, he was required to download the KKR Investment app for registration purposes. He was also informed that all accumulated profits could be viewed through the app,' he said in a statement yesterday Between April 9 and May 7, the victim made 11 money transfers totalling RM224,403 to four different local bank accounts. He then contacted the representative again when the investment app showed his profits had reached RM750,000. Zulkipli said that when the victim was asked to make an additional payment of RM100,700 as a tax to withdraw the funds, he began to suspect he was being scammed and subsequently filed a police report in Sibu on Tuesday. The case is being investigated under Section 420 of the Penal Code for cheating. Zulkipli advised the public to exercise caution and not be easily tempted by offers of high returns through online investment schemes. — Bernama
Reuters
an hour ago
- General
- Reuters
Japanese nationals detained in Cambodia as two nations fight fraudulent activity, Japan government spokesperson says
TOKYO, May 29 (Reuters) - Japan has been notified by Cambodian authorities that "many" Japanese nationals have been detained in Cambodia, as the two nations work to crack down on bases of fraudulent activity in Cambodia, a Japanese government spokesperson said on Thursday. The Japanese government is looking into details such as the number of people and location of their detention, Chief Cabinet Secretary Yoshimasa Hayashi told a regular press conference.
Japan Times
an hour ago
- Business
- Japan Times
Over 20 Japanese reportedly detained in Cambodia in online scam raid
Authorities in northwestern Cambodia have detained around 50 foreign nationals, more than 20 of whom are believed to be Japanese, according to people familiar with the matter. The raid, which took place in the border town of Poipet, targeted a facility suspected of involvement in online gambling and sophisticated fraud operations. Cambodian investigative authorities conducted the search on Tuesday following a tip-off alleging the presence of Japanese nationals involved in fraud, the sources said. The Japanese Embassy in Cambodia confirmed that it is 'currently verifying the facts.' Japanese law enforcement is coordinating with local authorities to investigate further. Poipet, located along Cambodia's border with Thailand, is known not only for its casinos but also as a base for organized crime. Officials are probing reports that criminal groups previously operating scam centers in Myawaddy, eastern Myanmar — where several Japanese nationals were also found — have since relocated their operations to Poipet. Translated by The Japan Times
Malay Mail
2 hours ago
- Business
- Malay Mail
US court approves RM950m forfeiture in alleged stock scam involving five Malaysians; landmark recovery for FBI
KUALA LUMPUR, May 29 — A US court has approved the forfeiture of approximately US$214 million (RM950 million) linked to an alleged 'pump-and-dump' fraud scheme involving seven individuals, including five Malaysians. According to a statement by the US Attorney's Office yesterday, the funds — seized during an investigation led by the Federal Bureau of Investigation (FBI) — will be returned to confirmed victims of the scheme. 'The large forfeiture order of more than $200 million should serve as a warning that federal law enforcement will aggressively pursue fraudulent profits from those who seek to prey upon investors by manipulating the US stock market,' read the statement 'Despite the overwhelming manipulation as alleged in this case, this serves as one of the premier FBI investigations in which the federal government was able to successfully recover victims' hard-earned money before it disappeared into overseas bank accounts,' it added. The alleged fraud, which occurred between November 2024 and February 2025, involved misleading promotions and coordinated trading of shares in China Liberal Education Holdings, causing prices to spike before the defendants allegedly sold off their shares for profit. US authorities said many investors, misled by false claims shared via social media and messaging apps, suffered significant losses when the stock's value later collapsed. The motion to forfeit the funds was granted on Tuesday, by US district judge Jorge L Alonso. The seven accused — five Malaysians, namely Lim Xiang Jie, Ko Sen Chai, King Sung Wong, Siong Wee Vun and Kok Wah Wong, and two Taiwanese nationals — remain at large, with arrest warrants issued. To note, 'pump and dump' scheme involves fraudsters spreading false or misleading information — often online — to inflate a stock's price so they can sell their shares at a profit. Once the price crashes, unsuspecting investors who bought in at the peak are left with significant losses.
CBC
4 hours ago
- Business
- CBC
Developers found guilty of defrauding investors out of retirement savings in Barrie, Winnipeg
Years after several investors lost tens of thousands of dollars on development opportunities in Ontario and Manitoba, two men have been found guilty of fraud. CBC's Lane Harrison reports.
