A 79-year-old man has lost more than RM9 million after falling victim to an online investment scam involving fake stock trading and an initial public offering (IPO) scheme.
Kuching district police chief ACP Alexson Naga Chabu said the victim was duped into believing the investment offered high and fast returns before transferring a total of RM9.08 million.
He said the Commercial Crime Investigation Division of the Kuching district police headquarters received a report on the case recently.
According to preliminary investigations, the victim first came into contact with the suspect around January, before being introduced to an alleged investment opportunity involving stock trading and IPO schemes promising lucrative profits in a short period.
The victim then proceeded to make 27 transactions into nine different bank accounts provided by the suspect, amounting to RM9,082,000.
However, he only received RM1,000 in returns before realising something was wrong.
Alexson said the victim became suspicious after failing to withdraw his investment funds and supposed profits displayed in the TBGIA application, despite repeated attempts to cash out.
The case is being investigated under Section 420 of the Penal Code for cheating.
He also advised the public to be cautious of investment offers promoted on social media and to verify such schemes with relevant authorities, including Bank Negara Malaysia and the Securities Commission Malaysia, or contact the National Scam Response Centre (NSRC) at 997 if they suspect fraud.
