MIRI: A local woman’s hopes of making big profits through online stock trading ended in heartbreak after she was cheated out of RM288,761 by a fake investment syndicate operating through social media and a bogus trading application.
Miri police chief ACP Mohd Farhan Lee Abdullah said the victim, who is in her early 30s, lodged a police report on Tuesday (May 12) after discovering that the investment platform known as ‘Aetherbridge Capital / AB Limited’ did not exist.
Initial investigations found that the woman became acquainted with another woman identifying herself as “Chloe” through the ‘Xiaohongshu’ app last year.
“The suspect later introduced her to an online stock investment scheme and added her into a WhatsApp group linked to the so-called investment opportunity.
“She was later instructed to download the ‘AB Limited’ app through the Apple App Store.
“The suspect convinced her that the investment was legitimate as the app displayed stock trading information similar to genuine platforms such as Maybank Trade, besides showing profits after transactions were made,” he said.
Believing the scheme was genuine, the victim gradually transferred money into several company bank accounts provided by the syndicate.
Mohd Farhan said over the course of the investment period, she carried out 22 transactions amounting to RM288,761.
However, trouble began when the victim attempted to withdraw her supposed profits but was repeatedly persuaded to continue buying more shares with promises of higher returns.
Her suspicions were finally raised after another withdrawal attempt failed, and she was instead instructed to pay an additional RM80,000 penalty fee before any withdrawal could be processed.
“Realising she had been scammed and was unable to recover both her investment capital and promised profits, the woman immediately turned to the police for assistance.
“The case is being investigated under Section 420 of the Penal Code for cheating and dishonestly inducing the delivery of property,” he said.
Mohd Farhan advised the public to be cautious and avoid trusting investment advertisements offering unrealistic returns within a short period
Members of the public are encouraged to verify the legitimacy of investment schemes through Bank Negara Malaysia and Securities Commission Malaysia.
They can also check suspicious phone numbers and bank accounts through Semak Mule CCID before carrying out any financial transactions.
