JOHOR BAHRU: A senior citizen lost RM1,590,800 after falling victim to a fake online stock investment scam.
Johor police chief Datuk M Kumar said the 69-year-old man claimed to have seen a stock investment advertisement promising lucrative returns in October.
He said the victim, who was taken in by the advertisement, clicked on the link provided to obtain more information.
“The victim was offered returns of up to 40 per cent of the total investment made within 10 minutes.
“Believing in the promised profit, the victim made transactions totalling RM1.63 million to several bank accounts as directed by the suspect between November and early December.
“The victim also followed the suspect’s instructions by downloading an application and then registering an account on it to monitor his investments,“ he said in a statement today.
Kumar said that when the victim wanted to withdraw the profits, he was only allowed to take out RM44,200.
He said the victim realised he had been cheated when he could not contact the suspect and he couldn’t access the application.
“The case is being investigated under Section 420 of the Penal Code for cheating, which carries a maximum penalty of 10 years’ jail, whipping and a fine if convicted.
“The public is advised to be more vigilant and not be easily fooled by investment offers that promise attractive returns,“ he advised.
