JOHOR BARU, April 6 — A 45-year-old company manager has lost RM651,800 after falling victim to a fraudulent stock investment scheme promoted on Facebook earlier this year.
JOHOR BARU, April 6 — A 45-year-old company manager has lost RM651,800 after falling victim to a fraudulent stock investment scheme promoted on Facebook earlier this year.
According to Muar district police chief ACP Raiz Mukhliz Azman Aziz, the victim was lured by an advertisement that promised quick and substantial returns. After clicking on the ad, he was added to a WhatsApp group bearing the name of a supposed investment company.
“There, he communicated with five individuals who provided further details about the scheme,” Raiz said in a statement today.
The victim was then instructed to download a mobile application and register an account to monitor his purported investment returns.
Between February 13 and March 27, he made 25 transactions amounting to RM651,800 from his personal savings into three different bank accounts.
Raiz said the man grew suspicious after being repeatedly asked to make more payments in order to claim his profits, despite not receiving any returns.
The case is being investigated under Section 420 of the Penal Code for cheating, which carries a penalty of one to 10 years in prison, whipping, and a possible fine upon conviction.
Raiz also urged the public to remain vigilant and avoid falling for investment schemes that offer unrealistic and high returns. — Bernama
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