O&G Consultant Loses RM2.7 Mln In 'Nova 88' Investment Scam

IPOH, July 1 (Bernama) -- An oil and gas consultant lost over RM2.7 million after falling victim to a non-existent investment scheme advertised on a website.

Perak police chief Datuk Noor Hisam Nordin said the 37-year-old man lodged a police report on June 29 at the Ipoh district police headquarters, claiming he had been scammed through an online investment platform known as "Nova 88."

Preliminary investigations revealed that the victim registered an account on the website in April 2023 through a contact, now the main suspect, whom he had met via WhatsApp.

Convinced by the suspect, the victim made an initial deposit of RM30,000 into a provided account number and was then given a user ID and password to monitor the supposed investment.

“Between Jan 5, 2024, and May 20, 2025, the victim made 136 fund transfers to seven different accounts, totalling RM2,701,687. The funds came from his savings and contributions from family members,” Noor Hisam said in a statement tonight.

He said the victim realised he had been duped when each attempt to withdraw his purported profits required additional payments.

To date, he has been unable to access any returns, with the suspect offering numerous excuses before eventually becoming unreachable.

The case is being investigated under Section 420 of the Penal Code for cheating.

Noor Hisam advised the public to avoid any form of investment offered through unlicensed, unregistered, or unregulated websites.

“Such investments carry high risks and can lead to significant financial losses. Always verify the background of any investment company with recognised authorities such as Bank Negara Malaysia or the Securities Commission,” he said.

-- BERNAMA