JOHOR BAHRU, Oct 19 (Bernama) -- A Singaporean engineer found himself scammed out of RM1.9 million after falling prey to a non-existent online stock investment scheme.
Johor police chief Datuk M. Kumar said the 64-year-old man made a police report last Thursday after realising he had been duped when he was unable to contact the syndicate.
Kumar explained that the victim saw a Facebook advertisement about the investment in December last year, and clicked on the link provided for more information.
"He was then added to a WhatsApp group and given information on investing.
"The victim was also told that all investment matters will be fully managed by the company, and promised a return of between five and 12 percent," he said in a statement today.
The victim followed the suspect's instructions by downloading an application to register and monitor the status of his investment and profits, he said.
In February and March, the victim began investing by making online payments amounting to RM1,940,000 to bank accounts in Malaysia as directed, he added.
"The victim only realised he had been cheated when he failed to withdraw the profits as shown in the investment application.
"He was also told to make several additional payments, including taxes, to recover his invested capital. After that, the suspect became unreachable," he said.
He said the case is being investigated under Section 420/411 of the Penal Code.
-- BERNAMA
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