ALOR SETAR: A trader incurred losses amounting to more than RM1 million after falling victim to an investment scam syndicate via Facebook.

Kedah Commercial Crime Investigation Department (CCID) chief Superintendent Loi Yew Lik said the 57-year-old victim lodged a report at the Kulim Police Station on May 9.

“The victim clicked on a link sent to him before being added to a WhatsApp group. Initially, the victim invested RM2,000 and received a profit of RM780. Subsequently, the victim made additional investments 21 times to the bank account number provided by the suspect, totalling over RM1 million,“ he said in a statement today.

He said the victim, who did not receive any profit returns, was then asked to make an additional payment of RM900,000 to recover all his money.

“The victim refused to make the additional payment as he began to suspect he had been deceived. Investigations revealed that the Facebook page was fake and used the name of an international investment company, Warburg Pincus,” he said.

The case is being investigated under Section 420 of the Penal Code, he added.