A kindergarten owner in Johor lost RM1.3 million after falling for a fake online share investment scheme promising 41% returns, police confirmed.
JOHOR BAHRU: A private kindergarten owner has lost RM1.3 million after falling victim to a fake online share investment scheme.
Johor police chief CP Datuk Ab Rahman Arsad said the 42-year-old woman saw a social media advertisement in September promising high returns.
She contacted the suspect for more details and was promised profits of up to 41%.
The victim made transactions into several bank accounts between November 6 and 21.
The suspect continued to pressure her to deposit more funds supposedly to withdraw the profit.
When the promised returns did not materialise, the victim realised she had been scammed.
She lodged a police report at the Batu Pahat district police headquarters.
The case is being investigated under Section 420 of the Penal Code for cheating.
This section carries a jail term of one to 10 years, whipping and a possible fine.
Ab Rahman urged the public to be cautious of online investment schemes.
He specifically warned against schemes promising high and unrealistic returns, especially those advertised on social media.
