KUCHING: An elderly man fell victim to an online non-existent stock investment scam, suffering a loss of RM220,000.
Kuching district police chief ACP Alexson Naga Chabu said the Commercial Crime Investigation Department (CCID) received a report regarding the fraudulent scheme on Thursday (Sept 9).
“The report stated that the incident began on July 31 when the 74-year-old victim, while at home, came across an investment advertisement on Facebook while at home.
“Interested in the offer, he clicked on a provided WhatsApp link and was connected to a suspect using the phone number 011-28273976, who claimed to be an administrator for “Network 1 Agency Sdn Bhd”.
“The victim was subsequently added to a WhatsApp group dedicated to the investment scheme,” he said.
The victim was then instructed to access a website link under the company’s name to deposit capital funds, enticed by promises of lucrative returns.
Believing the scheme to be legitimate, Alexson said the senior citizen conducted eight online transfer transactions into four different bank accounts.
“The fraud came to light when the victim attempted to withdraw the profits displayed in his investment application account but was unable to do so.
“After the victim realised that he was deceived, he lodged a police report and the total losses were calculated at RM220,000,” he said.
The case is currently being investigated under Section 420 of the Penal Code.
Alexson advised the public to remain vigilant against investment schemes offered on social media that promise unrealistically high returns.
Verified financial platforms should be cross-checked via Bank Negara Malaysia or the Securities Commission Malaysia before making any financial commitments.
