MUKAH: A retired civil servant lost almost RM1 million after falling prey to a non-existent investment scheme that lured him with promises of lucrative returns through an artificial intelligence (AI)-powered trading platform.
The 56-year-old man lodged a police report yesterday (Jun 30) after discovering he had lost RM914,209 to scammers who spent months convincing him that his investment was generating substantial profits.
Mukah police chief DSP Muhamad Rizal Alias said the victim came across an investment advertisement on Facebook by a company using the name Arctic Tern Advisory on Dec 22, 2025.
“After expressing interest, the victim was contacted by an individual identifying himself as “Kamil” before being added to a WhatsApp group managed by several others claiming to represent the investment company.
“The scammers then persuaded him to invest through a platform known as Setia Capital Trading, beginning with an initial investment of just RM300,” he said.
He said the suspects claimed the investment was managed using an “AI Robot Auto-System Trade”, capable of generating high returns within a short period.
To gain his confidence, they displayed a purported investment balance showing his returns had grown to RM87,124.
“However, when he attempted to withdraw the money, he was instructed to make a series of additional payments for purported redemption fees, bank security protection, upgrade limits and other processing charges.
“The suspects also assured the victim that all the payments would be refunded together with the investment profits.
“Believing the claims, the victim carried out 88 transactions between Dec 22, 2025, and Mar 6, 2026, transferring a total of RM914,209 into 32 different bank accounts across six banks,” he said.
He only realised he had been duped after neither the promised profits nor his investment capital was returned.
The case is being investigated under Section 420 of the Penal Code for cheating and dishonestly inducing the delivery of property.
Muhamad Rizal advised the public to exercise caution when approached with investment opportunities promoted on social media, particularly those promising guaranteed or unusually high returns.
Prospective investors are also urged to verify the legitimacy of investment companies and platforms with Bank Negara Malaysia and Securities Commission Malaysia before committing any funds.
