JOHOR BARU (ANN/THE STAR) – A 64-year-old Singaporean engineer reportedly fell victim to an online investment scam, losing MYR1.9 million.
Johor Police Chief Commissioner Datuk M Kumar shared that the case came to light when the individual filed a report on Thursday, October 17.
The scam began in December 2023 when the engineer, while in Singapore, encountered an investment ad on Facebook. After clicking the link, he was added to a WhatsApp group centered on investment opportunities, where he received details about the offer.
He was informed that he only needed to supply the initial capital, with the company managing the investment on his behalf. Promised returns were said to be between five and 12 per cent of the amount invested.
Llured by these potential profits, the victim followed the suspect’s instructions to download an application for registration and to monitor his investment’s status and gains.
Between February and March 2024, the victim made online payments amounting to MYR1,948,000 to a designated bank account in Malaysia.
The victim only realised he had been scammed when he could not withdraw the profits shown in the investment application.
Additionally, he was asked to make further payments, including taxes, to recover his invested capital, while efforts to contact the suspect failed.
The case is being investigated under Sections 420 and 411 of the Penal Code.
Offenders convicted under Section 420 may face imprisonment of no less than one year and up to ten years, with whipping, and may also be fined.
A conviction under Section 411 can result in a maximum imprisonment of five years, a fine, or both.
“We remind the public to be cautious of online investment schemes offering high returns.
“They should verify the legitimacy of companies or investments with relevant bodies such as the Securities Commission and Bank Negara Malaysia.
“We also encourage the public to use the online ‘Semak Mule’ service to check the status of phone numbers or bank accounts for records of fraudulent activity,” he advised.
Further information on commercial crime modus operandi is available through the Commercial Crime Investigation Department’s Facebook, Instagram, and TikTok accounts.
