A 55-year-old man from Kuching has lost more than RM410,000 after falling victim to a “fake stock investment” scheme promoted through TikTok, police said.
Kuching District Commercial Crime Investigation Division confirmed receiving a report involving the victim, who was first exposed to the investment scheme while in Saudi Arabia in February this year. He later communicated with the suspect via WhatsApp after clicking on the advertisement.
Believing the investment to be legitimate, the man proceeded to transfer funds 17 times between 5 March and 15 April into five different bank accounts, amounting to RM660,000 in total.
Police said the victim even received so-called “returns” of RM249,000 during the period, which further convinced him that the scheme was genuine.
However, suspicions arose when he was asked to invest an additional RM2 million to purchase IPO shares in order to “expand his investment”, prompting him to realise he had been deceived.
The scam ultimately caused losses of RM411,000.
The case is being investigated under Section 420 of the Penal Code for cheating, which carries a prison sentence of between one and 10 years, along with whipping and fines upon conviction.
Police have urged the public to be cautious of investment advertisements on social media, especially those promising unusually high returns, and to verify the legitimacy of companies before making any financial commitments.
