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Businessman loses over RM200,000 to investment scam

The 31-year-old man had joined a so-called investment scheme through a website last November.

19 Dec 2024 05:14pm
A businessman lost RM210,976.50 after falling victim to a non-existent investment scheme on social media, according to police. Photo for illustrative purposes only - 123RF
A businessman lost RM210,976.50 after falling victim to a non-existent investment scheme on social media, according to police. Photo for illustrative purposes only - 123RF

CHUKAI - A businessman lost RM210,976.50 after falling victim to a non-existent investment scheme on social media, according to police.

Acting Kemaman District Police Chief DSP Wan Muhamad Wan Ja’afar said today the 31-year-old man had joined a so-called investment scheme through a website last November.

He said the victim was deceived into making 13 transactions to 11 different accounts between Nov 4 and Dec 10, amounting to the total sum.

"The victim was promised high returns by the investment scheme. However, after some time, he did not receive the promised returns. Feeling cheated, he lodged a police report yesterday evening,” Wan Muhamad said in a statement.

He said the case was being investigated under Section 420 of the Penal Code.

He advised the public to verify investment opportunities through official sources, including the Securities Commission and Bank Negara Malaysia, before making any investment. - BERNAMA

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