MIRI: A local man lost RM367,300 after being duped by a fake investment syndicate that allegedly lured him with promises of lucrative returns in a matter of weeks.
The 69-year-old reportedly transferred the money in 48 separate transactions to three different bank accounts over a six-week period, only to realise he had been scammed when he tried to withdraw the promised profits.
Miri police chief ACP Mohd Farhan Lee Abdullah said the victim lodged a police report with the district Commercial Crime Investigation Division (CCID) on Monday (July 27).
He said the man was drawn to the investment scheme after spotting an advertisement on social media and clicking on a link that led him to an individual posing as an investment agent.
“Believing the scheme was genuine, the victim made transfers totalling RM367,300 between June 9 and July 20.
“He only realised he had been cheated after the suspect repeatedly came up with excuses when he attempted to claim his investment returns,” he said.
The case is being investigated under Section 420 of the Penal Code for cheating and dishonestly inducing the delivery of property.
If convicted, the offence carries a punishment of imprisonment for up to 10 years, whipping, and a fine.
Mohd Farhan reminded the public to be wary of investment offers that promise exceptionally high returns within a short period.
Would-be investors are urged to verify the legitimacy of investment schemes with Bank Negara Malaysia and the Securities Commission Malaysia before parting with their money, to ensure the operators are authorised to conduct investment activities or collect funds from the public.
