MIRI: A 40-year-old private sector worker in Miri has lost RM238,000 after falling victim to a non-existent online investment scheme that promised lucrative returns from foreign shares.
Miri district police chief ACP Mohd Farhan Lee Abdullah said the Commercial Crime Investigation Division received a police report yesterday (Dec 25) over the alleged fraud, which was carried out entirely online.
According to police, the victim was lured into what was presented as an investment opportunity involving shares linked to China. The scheme, however, did not exist.
“The suspect initially paid out small ‘profits’ to gain the victim’s confidence,” ACP Mohd Farhan said, describing the tactic as a classic grooming strategy used by investment scammers.
Encouraged by the apparent returns, the victim proceeded to make 10 separate transfers to two third-party bank accounts provided by the suspect. The total amount transferred was RM238,000.
The deception only became apparent when the victim attempted to withdraw the purported profits and was blocked from doing so.
Police are investigating the case under Section 420 of the Penal Code for cheating, an offence that carries a jail term of between one and ten years, whipping and a possible fine upon conviction.
“Members of the public are advised to fully understand any investment product and verify its legitimacy with the relevant authorities before committing funds,” Mohd Farhan said.
