JOHOR BAHRU: A company manager incurred a loss of RM651,800 after falling prey to a fraudulent stock investment scheme advertised on Facebook earlier this year.
Muar police chief ACP Raiz Mukhliz Azman Aziz said the 45-year-old man was drawn to an investment ad on Facebook that promised quick and high returns.
He explained that the victim clicked on the link provided and was added to a WhatsApp group named after an investment company.
“He then communicated with five different individuals via WhatsApp, who provided more details about the investment,” he said in a statement today.
He was also instructed to download and register an investment account through an app to monitor the man made 25 transfers to three bank accounts between Feb 13 and March 27, totaling RM651,800 from his savings.
He added that the victim began to suspect he had been deceived when asked to make additional payments to claim the promised profits, despite not receiving any returns.
“The case is being investigated under Section 420 of the Penal Code for cheating, which carries a prison sentence of between one and 10 years, caning and a fine upon conviction,” he said.
He urged the public to exercise caution and avoid being easily swayed by investment schemes promising unrealistic, high returns.
