Businessman Loses RM800,000 To Investment Scam

BATU PAHAT, Oct 30 (Bernama) -- A businessman lost RM800,000 after becoming a victim of a fraudulent investment scheme for supplying food to schools.

Batu Pahat district police chief  ACP Shahrulanuar Mushaddat Abdullah Sani said the 48-year-old local victim initially met with an individual in early 2023, to discuss business opportunities.

During their meeting, at around 7.30 pm, the suspect proposed an investment tender for the period from June 1, 2023, to Oct 31, 2025, promising a profit rate of 17 per cent on the total investment.

“The victim, believing in the scheme, submitted cheques in stages - both through hand delivery and cheque deposit machines - from Feb 10, 2023, to Oct 4, 2023.

“After investing, the victim was promised a return on profit soon; however, as of the report made yesterday (Oct 29) at the Batu Pahat police station, he had yet to receive any returns," he said, in a statement.

Shahrulanuar added that the victim attempted to contact the suspect, but was unsuccessful. The case is being investigated under Section 420 of the Penal Code.

-- BERNAMA