IPOH: A trader suffered losses amounting to nearly RM1.2 million after being deceived by an investment scam involving a scrap metal business since August 2022.
Perak Police chief Datuk Seri Mohd Yusri Hassan Basri said initial investigations revealed that the 48-year-old man learned about the investment through an acquaintance who promised lucrative returns from the business.
“The suspect posed as an investment agent and persuaded the victim to invest in the business, promising a four per cent monthly return on the invested capital, with a full return on investment within 18 months.
“Enticed by the offer, the victim issued three cheques totalling RM1.2 million. In February, the victim met with the suspect to ask for the profit but was given various excuses,” he said in a statement here tonight.
Mohd Yusri said the victim later realised that the investment was non-existent and believed he had been scammed, leading him to file a police report.
The case is being investigated under Section 420 of the Penal Code, and Mohd Yusri advised the public to be cautious of investment offers made online or in person.
