JOHOR BAHRU, Aug 28 — A 45-year-old medical officer lost more than RM2.6 million after being deceived by a non-existent stock investment scheme that promised lucrative returns, Johor police said today.
Johor police chief Datuk Ab Rahaman Arsad said the man was first enticed by a stock investment advertisement he saw on social media on May 25.
He said the victim contacted a representative of the scheme and was offered an investment opportunity through an overseas company, with promised returns of between five and 15 per cent for each amount invested.
“The victim was also instructed to download an application on his smartphone, supposedly to monitor his investments,” Ab Rahaman said in a statement.
“Lured by the promise of instant profits, the victim made 56 separate cash transfers totaling RM2,603,900 to eight different bank accounts between May 25 and August 8 of this year.”
The victim finally lodged a police report yesterday after realising he had been cheated when he was unable to withdraw any money through the application.
Ab Rahaman said the case is being investigated under Section 420 of the Penal Code for cheating.
Police have advised the public to remain vigilant and avoid investment schemes that promise unusually high or guaranteed returns.
