A 66-year-old company director in Kuala Terengganu lost RM2.95 million in an online investment scheme promising high returns, police confirm
KUALA TERENGGANU: A company director lost RM2.95 million after falling victim to an online investment scam last year.
Kuala Terengganu police chief ACP Azli Mohd Noor said the 66-year-old man was approached in May by a friend known through social media, who offered a business investment opportunity.
The victim was promised returns of between 10% and 25% on his capital and registered via a website link provided by the suspect.
He was also instructed to download an application for his investment profits to be credited to his account.
“Attracted by the high returns, the victim transferred a total of RM2.95 million in 18 transactions to an account provided by the suspect between June 10 and November 7 last year,” Azli said in a statement.
The victim realised he had been scammed when attempts to transfer funds from the application to his bank account failed.
He lodged a police report last Saturday, and the case is being investigated under Section 420 of the Penal Code.
