SIBU: A retired private engineer was left RM224,403 poorer after falling victim to a stock investment scam promising easy and lucrative returns.
The incident happened on Apr 9 when the man, in his 60s, came across the bogus scheme on Instagram and later contacted two individuals claiming to represent a company named ‘KKR Investment’ via WhatsApp.
Sibu police chief ACP Zulkipli Suhaili said the suspects convinced the victim to join their investment scheme as it provides easy and lucrative profits.
The victim was told that he could monitor his accumulated profits and stocks by downloading the ‘KKR Investment’ application.
“Lured by the promise of quick returns, the victim proceeded to register and began investing.
“Between Apr 9 and May 7, he transferred RM224,403 in 11 transactions to four different local bank accounts.
“Once the transfers were successful, the victim contacted the suspects to obtain his purported profits of RM750,000.
“However, he would first need to pay taxes of RM100,700 to withdraw the profits,” he said.
Realising that he had been duped, the victim lodged a police report last Tuesday for further investigations under Section 420 of the Penal Code for cheating and dishonestly inducing the delivery of property.
Zulkipli advised the public to be cautious of investment offers that sound too good to be true.
He urged the public to verify any company or investment scheme through Bank Negara Malaysia at www.bnm.gov.my or via BNMTELELINK at 1-300-88-5465, and with the Securities Commission Malaysia at www.sc.com.my or 03-6204 8999.
Checks on individuals or companies offering investments can also be done using the SC Investment Checker app or website at https://www.sc.com.my/investment-checker.
For further advice or to report scams, the public can contact the National Scam Response Centre (NSRC) at 997, and follow the Facebook pages of @CyberCrimeAlertRMP and @JSJKPDRM for the latest updates on scams.
