A 79-year-old local man has lost a staggering RM9.081 million after falling victim to a non-existent share investment and Initial Public Offering (IPO) scam conducted through a mobile application.
According to Kuching District Police Chief, ACP Alexson Naga Chabu, the victim was approached by scammers in January this year and was lured into what appeared to be a lucrative investment opportunity.
The suspects allegedly promised extraordinary returns, convincing the elderly investor that his money would multiply significantly within a short period.
Believing the scheme was legitimate, the victim carried out 27 separate fund transfers into nine different bank accounts, amounting to a total of RM9.082 million. Investment scams have continued to target unsuspecting victims by exploiting the promise of quick and substantial profits.
Despite the huge amount invested, the victim only received a return of RM1,000. He later became suspicious when he was unable to withdraw either his capital or the profits supposedly displayed within the investment application.
Realising he had been deceived, the victim lodged a police report. Authorities are now investigating the case under Section 420 of the Penal Code for cheating.
Police have once again reminded the public to exercise caution when approached with investment opportunities offering unusually high returns, as scammers continue to use sophisticated tactics to deceive potential victims.
