Malaysia

Trader, lab assistant suffer huge losses in investment scam

Police say victim found Facebook advertisement promising 20% return every week

Updated 3 years ago · Published on 09 Jul 2023 12:25PM

Trader, lab assistant suffer huge losses in investment scam
According to the police, the victim invested RM285,000 in three different bank accounts but only received a 20% profit in the first week and filed a police report after failing to receive the remaining profit. – Pixabay pic, July 9, 2023

ALOR GAJAH – A trader claimed to have been deceived by a non-existent investment scheme, resulting in a loss of RM285,000.

Alor Gajah district police chief Arshad Abu said that on April 24, the 46-year-old victim, who was at home at the time, saw an investment advertisement on Facebook promising a 20% return every week.

“The complainant then contacted the suspect, who claimed to be “Annie” on WhatsApp, and made payments totalling RM285,000 into three different bank accounts in stages.

“The victim also logged into the suspect's website and saw that he had received a 20% profit for the first week of investment, prompting him to increase his investment,” he said in a statement today.

However, the complainant soon discovered that he could no longer access the website and lodged a police report after failing to receive the promised profit.

Meanwhile, Arshad said that in a separate case, a woman who worked as a hospital laboratory assistant lost RM120,000 after being cheated into making a non-existent investment.

He said the 29-year-old victim met a man through Facebook in November 2020 to start investing in an investment scheme that promised her a good return.

“The complainant, on November 19, 2020, deposited RM85,000 into the suspect’s bank account in Masjid Tanah and another RM35,000 into another man’s account at a bank in Alor Gajah.

“The woman was also promised 5%, or RM4,038 every month, but she only received RM12,114 for a period of three months,” he said.

The complainant claimed that she did not receive the promised investment profits after that and decided to lodge a police report.

He said both cases were investigated under Section 420 of the Penal Code for cheating. – Bernama, July 9, 2023

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