KUCHING: Chasing what appeared to be a lucrative share and initial public offering (IPO) investment opportunity, an elderly man lost more than RM9 million to scammers who rewarded his multimillion-ringgit investment with only RM1,000.
In January this year, the 79-year-old was approached by the suspect and persuaded to join a purported investment platform known as TBGIA.
Enticed by promises of substantial profits, the victim proceeded to invest heavily in the scheme, making 27 fund transfers into nine different bank accounts.
Kuching police chief ACP Alexson Naga Chabu said in total, the victim had transferred RM9.082 million.
“Despite the massive investment, he received only RM1,000 in returns.
“The scam unravelled when he attempted to withdraw both his capital and the profits purportedly shown in the TBGIA app, only to discover that the funds were inaccessible.
“Realising he had fallen victim to fraud, the man lodged a police report after suffering losses amounting to RM9.081 million,” he said.
Alexson said the case is being investigated under Section 420 of the Penal Code for cheating and dishonestly inducing the delivery of property.
In light of this, members of the public are to be wary of investment opportunities promoted through social media, especially those offering unusually high or guaranteed returns.
“Before investing, they are advised to verify companies and investment platforms through Bank Negara Malaysia and the Securities Commission Malaysia.
“Victims who have recently transferred money to suspected scammers are urged to immediately contact the National Scam Response Centre (NSRC) at 997,” he said.
He also encouraged the public to use the Investment Checker platform and the Commercial Crime Investigation Department’s (CCID) Semak Mule service to verify bank accounts and phone numbers before carrying out any financial transactions.
