AN ELDERLY factory supervisor in Kulai has reportedly been defrauded of RM668,800 in a sophisticated stock investment scam that promised high returns on investments that did not exist.
The 65-year-old victim lodged a police report after realising the alleged profits were inaccessible and suspecting he had been deceived.
According to Kulai District Police Chief, Assistant Commissioner Tan Seng Lee, the victim was lured by promises of rapid returns ranging from 10 to 20 percent within 24 hours.
“Attracted by the guaranteed profits, the complainant made 25 payments totalling RM668,800 into 17 local bank accounts between 28 November 2025 and 6 January,” Tan said in a statement on Thursday.
The victim later checked the account and saw purported profits of US$102,303.64.
However, he was unable to access the funds when attempting to withdraw, leading him to suspect a scam.
“The complainant believed he had been defrauded and subsequently reported the matter to the police. The case is being investigated under Section 420 of the Penal Code for cheating involving fictitious investments,” Tan added.
The case highlights ongoing concerns over investment fraud targeting senior citizens, particularly schemes promising unusually high returns in short periods, and underscores the need for heightened vigilance in financial dealings. - January 14, 2026
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