Businessman Loses Over Half A Million To Bogus Investment

JOHOR BAHRU, Dec 18 (Bernama) -- A businessman suffered losses amounting to over half a million ringgit after falling victim to a non-existent investment scheme.

Kulai district police chief ACP Tan Seng Lee said the 45-year-old local man lodged a police report yesterday.

He said the victim claimed that the investment offer had been advertised on Facebook, promising returns of 3 per cent to 120 per cent within three days, with profits accessible via an application called ‘Cap Max.’

“The victim, who was drawn to the offer, made seven payment transactions totalling RM544,200 to four local bank accounts between Nov 25 and Dec 12,” he said in a statement today.

He said the victim realised that he had been scammed when he was unable to withdraw the alleged profits of RM9.4 million displayed on the application, and his account was subsequently blocked.

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

-- BERNAMA