MIRI: Another retired private sector employee has lost RM200,000 to a stock investment scam after being lured through a social media advertisement.
Miri police chief ACP Mohd Farhan Lee Abdullah said the victim, in his 60s, lodged a police report after realising he had been duped by the syndicate which had promised high investment returns.
“In mid-May this year, the victim came across a stock investment advertisement on Facebook. He clicked on a link embedded in the post and was later added to a WhatsApp group called ‘A Gathering of Talents F’.
“Enticed by the scheme, the man proceeded to make five transactions amounting to RM200,000 into two different bank accounts provided by the suspect,” he said.
The scam was only uncovered when the suspect repeatedly asked for additional payments on the pretext that the funds were needed to release the supposed profits.
Mohd Farhan said the case is being investigated under Section 420 of the Penal Code for cheating and dishonestly inducing the delivery of property, which carries a jail term of up to 10 years, with whipping and a fine, upon conviction.
He advised members of the public to be cautious and not to fall for investment offers promising high returns in a short period.
“The legitimacy of such schemes can be verified through Bank Negara Malaysia’s Financial Consumer Alert List (http://www.bnm.gov.my/financialconsumer-alert-list) or the Securities Commission Malaysia’s Investor Alert List (http://www.sc.com.my/regulation/enforcement/investor-alerts/sc-investor-alerts/investor-alert-list).
“This is crucial to ensure that the investment entity involved is authorised to conduct investment activities or collect money from the public,” he said.
Members of the public with information related to scams may contact the Miri police operations room at 085-432533 or visit the nearest police station.
