A 79-YEAR-OLD man has lost more than RM9 million in one of the latest high-value investment fraud cases reported in Sarawak, after allegedly being deceived by a syndicate promoting non-existent share investment and initial public offering (IPO) opportunities through an online platform.
The victim is believed to have been persuaded to invest after being promised substantial and rapid profits through what appeared to be a legitimate investment scheme. Instead, he suffered losses amounting to RM9.08 million.
Kuching District Police Chief Assistant Commissioner Alexson Naga Chabu said the Commercial Crime Investigation Division of the Kuching District Police Headquarters recently received a report from the victim regarding the case.
Preliminary investigations revealed that the victim first became acquainted with the suspect in January before being introduced to an alleged investment programme involving share trading and IPO opportunities purportedly capable of generating lucrative returns within a short period.
“Believing the offer, the victim subsequently transferred money in stages through 27 separate transactions into nine different bank accounts provided by the suspect.
“The total amount transferred was RM9,082,000, but the victim only received RM1,000 in returns from the investment,” he said in a statement on Sunday.
Police said the victim only realised he had been defrauded after repeatedly attempting to withdraw both his investment capital and the profits displayed on an application known as TBGIA, only to find that the funds could not be accessed.
The case underscores the increasingly sophisticated tactics employed by online investment fraud syndicates, which often use digital platforms and fabricated account balances to convince victims that their investments are generating significant profits.
Alexson said the investigation is being conducted under Section 420 of the Penal Code for cheating and dishonestly inducing the delivery of property.
He also urged the public to exercise extreme caution when approached with investment opportunities promoted through social media platforms, particularly those promising unusually high returns with little or no risk.
Members of the public are advised to verify the legitimacy of any investment scheme with the relevant authorities, including Bank Negara Malaysia and the Securities Commission Malaysia, before committing funds.
Victims of financial scams are also encouraged to immediately contact the National Scam Response Centre (NSRC) via its 997 hotline to improve the chances of preventing further financial losses and facilitating rapid intervention by enforcement agencies. - June 14, 2026
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