Trader Loses Over RM1.6 Million In Non-existent Online Investment Scam

SHAH ALAM,  Nov 11 (Bernama) -- A trader in Gombak suffered losses of over RM1.6 million after he fell victim to a non-existent online investment scam.

Selangor police chief Datuk Hussein Omar Khan said investigations revealed that the victim, 56, was duped by the suspect via the WeChat application.

"The suspect sent a link and asked the victim to download the investment app for the platform and for depositing funds into the victim’s account.

"After several days after transferring money into the app, the victim found that the investment had made a profit," he said in a statement today.

Hussein said the victim tried to withdraw the profits but couldn't and was instead given excuses such as the need to pay taxes and 'cross-border transfer fees' for the withdrawal process.

He said the victim was also asked to make additional payments to withdraw the profits.

"The victim then made 44 transactions to the suspect, involving four different accounts, amounting to RM1,688,725 before realising it was a scam when the promised profits could not be withdrawn," he said, adding that the victim lodged a police report on Saturday (Nov 9).

He added that the Selangor Police Headquarters Commercial Crime Investigation Department opened an investigation paper under Section 420 of the Penal Code.

"We wish to advise the public to always be cautious of online investment schemes and investment apps, and to verify the legitimacy of stock investments with Bank Negara Malaysia and the Securities Commission Malaysia," he said.

-- BERNAMA