A 59-year-old farmer lost RM738,950 after falling victim to an online investment scam, highlighting the growing threat of AI-themed fraud schemes.
KOTA TINGGI: A 59-year-old farmer lost RM738,950 after falling victim to an online investment scam known as the “AI Investment” scheme.
Kota Tinggi police chief Supt Yusof Othman said the victim was approached in February by an unknown woman via WhatsApp, who lured him with promises of returns worth millions of ringgit.
Believing the offer to be genuine, the victim subsequently made five money transfers to four different bank accounts.
“The victim made additional payments in stages through five transactions amounting to RM738,950 in an attempt to release purported profits that had been blocked on the investment application, which allegedly totalled RM10 million,” Yusof said in a statement today.
The victim only realised he had been scammed after he was unable to withdraw any of the promised returns. He later lodged a police report yesterday.
The case is being investigated under Section 420 of the Penal Code for cheating.
