A 47-YEAR-OLD factory owner who believed he had earned RM1.7 million in share investment profits is now RM210,000 out of pocket, after falling victim to an online scam disguised as a legitimate trading opportunity.
Speaking at a press conference organised by the Perak MCA Public Services and Complaints Bureau, the man, who asked to be identified only as Chan, said he had first come across the scam through a sponsored post on social media.
“I clicked on the post and it took me to a WhatsApp group chat, where I was contacted by a woman who said her name was Linda,” The Star reported him saying.
Chan was offered various investment schemes and decided to begin with RM10,000 after checking that the companies appeared to be registered as private limited entities. However, he admitted he did not fully verify their legitimacy as he was required to pay to access full company details.
“I decided to take the risk and invest anyway,” he said.
Encouraged by what seemed to be an early gain of RM50,000, Chan continued to invest larger sums. He was eventually asked to download an app called CDT Citi, which claimed to allow users to monitor and manage their investments.
“The app looked genuine and explained things in simple terms, which made it even more convincing,” he added.
In May, Chan was informed that his investments had generated a return of RM1.7 million and that he could withdraw the funds—but only after paying taxes and commissions.
“I paid around RM29,000 in total but still couldn’t access the money. Then they asked for more payments. That’s when I realised I had been scammed,” he said, adding that he lodged a police report on 13 July.
“I want to warn others not to trust any investment advertised on social media. If there are other victims like me, I urge them to report to the police.”
Perak MCA public complaints bureau chief Charles Yuen said the scam highlighted the need for police to investigate the companies named in such schemes.
“Tracing the individual calling herself Linda may be difficult. But if the police start by checking the companies involved, they might uncover whether these are genuine businesses or simply fronts used by scammers,” Yuen said. - July 24, 2025
