SHAH ALAM: A pilot suffered over RM1.36 million in losses after falling victim to a non-existent investment scam promoted via Instagram.
Selangor police chief Datuk Hussein Omar Khan said the 50-year-old man began participating in the investment scheme, which promised various benefits and high returns, last October.
He said the suspect provided the victim, seeking quick profits, with a link to the UVKXE application website and was taught how to use the platform.
“The victim was not promised specific returns but was encouraged to invest as much as possible to reap various benefits and high returns.
“He made cash transfers between October 2024 and December 2024 amounting to RM1,366,885 through 34 transactions to 10 different accounts provided by the suspect,“ he said in a statement today.
Hussein said the victim received only one payout of RM4,300 from the total amount invested.
He added that the suspect instructed the victim to withdraw money from the application by pressing the “withdrawal” icon and entering the desired withdrawal amount, supposedly credited to the victim’s account within 24 hours.
“However, after pressing the ‘withdrawal’ icon, no funds were deposited into his account. Realising he had been scammed, the victim lodged a police report,“ Hussein said.
The police have since opened an investigation under Section 420 of the Penal Code.
Hussein advised the public to be vigilant against investment offers on social media platforms that promise unrealistic returns, particularly those involving financial or investment applications not approved by Bank Negara Malaysia or the Securities Commission Malaysia.
