PETALING JAYA: A 64-year-old Singaporean engineer fell victim to an online stock investment scam, losing RM1.9 million of his savings.
Johor police chief, Datuk M. Kumar, reported the victim discovered the investment opportunity through a Facebook advertisement, reported Sinar Harian.
After clicking on the provided link, the man was added to a WhatsApp group where he received investment details.
“The victim was informed that he only needed to withdraw capital, while the company would fully manage all investment matters.
“He was promised a return of between 5% to 12% of the total investment,“ Kumar was quoted as saying.
The victim invested RM1,948,000 in February and March 2024 after downloading an application for registration and profit monitoring.
He then realised he had been scammed when unable to withdraw the profits displayed in the app and was asked to make additional payments to recover his initial capital.
The case is being investigated under Sections 420 and 411 of the Penal Code.
Offenders under Section 420 face imprisonment of one to ten years, whipping, and possible fines, while Section 411 carries a sentence of up to five years’ imprisonment, a fine, or both.
The public is advised to be cautious of online investments promising high returns and to verify such opportunities with the Securities Commission or Bank Negara Malaysia.
