KUCHING: A 59-year-old man lost more than RM2.2 million after falling victim to a non-existent stock investment scam known as “MLMA”.
Kuching police chief ACP Alexson Naga Chabu said the victim was added to a WhatsApp group on Aug 18, where he was introduced to an alleged investment and IPO under the name “MLK1”.
“He was then instructed to download an application called MLMA to join the investment, which promised lucrative profits,” he said in a recent statement.
The victim later made 22 online transfers in stages to 11 different bank accounts, amounting to RM2,268,696.
The victim only realised he had been duped after he was unable to withdraw the supposed profit of RM39,103,045 displayed in the MLMA app.
Alexson said from Jan 1 to Oct 12 this year, the Kuching Commercial Crime Investigation Division (CCID) had recorded 100 similar cases involving the same modus operandi, with total losses amounting to RM22,980,339.
The case is being investigated under Section 420 of the Penal Code for cheating, which carries a jail term of between one and 10 years, whipping, and a possible fine upon conviction.
Alexson advised the public to verify the legitimacy of investment entities through the Securities Commission Malaysia’s website (www.sc.com.my) and to be wary of online investment offers that promise unrealistically high returns.
“Those who have fallen victim or suspect they may have been scammed should immediately lodge a report via the National Scam Response Centre (NSRC) hotline at 997 within 24 hours, or contact the Sarawak Commercial Crime Investigation Department (CCID) through WhatsApp at 011-62890089 or email kjsjkswk@rmp.gov.my,” he added.
