KUCHING: A local man suffered losses amounting to RM411,000 after being duped by a bogus online share investment scheme advertised on social media.
The 55-year-old, who was in Jeddah, Saudi Arabia around February this year, was drawn to an investment opportunity advertised on TikTok before engaging with the suspect via WhatsApp and becoming convinced of its legitimacy.
He went on to transfer a total of RM660,000 via 17 transactions into five different bank accounts between March 5 and April 15.
But he only received RM249,000 in returns.
The victim realised he had been scammed when he was instructed to purchase initial public offering (IPO) shares worth RM2 million to supposedly boost his investment.
Kuching police chief ACP Alexson Naga Chabu said the case is being investigated under Section 420 of the Penal Code for cheating and dishonestly inducing the delivery of property.
Further checks found that the first bank account used by the suspect was opened at OCBC Bank’s Padungan branch here.
In light of this, he advised the public not to easily trust investment offers on social media and to conduct proper checks before committing to any scheme.
They are also urged to verify companies and websites through Bank Negara Malaysia or Securities Commission Malaysia, and to contact the National Scam Response Center (NSRC) at 997 immediately if they have just transferred money to suspicious accounts.
The public can also check investment entities via the Investment Checker platform, or verify phone numbers and bank accounts through the CCID Semak Mule portal before making any financial transactions.
