SHAH ALAM: A government retiree was left devastated after losing over RM4.7 million to a fraudulent stock investment scheme.
Shah Alam Police chief ACP Mohd Iqbal Ibrahim said according to initial investigations, the 63-year-old woman saw a stock investment advertisement on Facebook in mid March, leading her to join a WhatsApp group.
“She was instructed to open a Foreign Direct Investment (FDI) Hub account for investing in the local stock market, promising profits of 11 to 13 per cent based on the investment duration.
“Attracted by the promise of high returns, she opened the FDI Hub account and conducted 42 transactions, amounting to RM4,749,214.00, until the end of May,“ he said in a statement.
Mohd Iqbal said after the profits supposedly reached RM11.3 million, the victim attempted to withdraw funds but discovered that her bank account was empty.
Concerned that she had been duped, the victim filed a police report at the Section 9 Police Station around 12.30am, prompting an investigation under Section 420 of the Penal Code.
