A man’s hope of earning high returns from an online investment scheme turned into a financial nightmare after he lost RM511,406 to an unlicensed investment scam.
The victim, believed to be in his early 50s, lodged a police report on May 30 after realising he had been deceived by a syndicate that had been targeting him since March this year.
Miri district police chief Mohd Farhan Lee Abdullah said the victim first received a WhatsApp message from an unknown number on March 18, introducing him to an investment opportunity promising high and quick returns.
He was then directed to click on a link provided by the suspects and instructed to make multiple payments into designated bank accounts as part of the so-called investment process.
In a broader context, authorities have repeatedly warned that such fraudulent schemes often rely on social messaging platforms to lure victims with promises of unrealistic profits.
Between April 1 and May 24, the victim made 25 separate transactions to various bank accounts, amounting to a total loss of RM511,406.
However, after each payment, the suspects continued to demand additional funds, claiming they were required to release supposed investment profits.
Police said the victim never received any returns and eventually realised he had been scammed.
The case is being investigated under Section 420 of the Penal Code for cheating.
Authorities have urged the public to remain vigilant and avoid investment offers that promise unusually high returns within a short period, especially those received through social media or messaging applications.
They also advised the public to verify such schemes with relevant authorities and to contact the National Scam Response Centre (NSRC) at 997 if they suspect they have fallen victim to online fraud.
