Factory Worker Loses Nearly RM500,000 in Fake Investment App Scam

Date:

Lured by promises of sky-high returns, a 46-year-old furniture factory worker lost nearly RM500,000 to a fake online stock investment scam run through a bogus mobile app.

District police chief Assistant Commissioner Raiz Mukhliz Azman Aziz said the victim lodged a report yesterday, revealing he had lost RM488,740 through 39 transactions over two months. The scam began when the man clicked on a stock investment ad on social media and was contacted via WhatsApp by someone who instructed him to download an app called “PHG Plus.” The app claimed to offer 50% weekly returns and up to 500% in six months. Believing it was legitimate, the victim made transfers to six different bank accounts. When he tried to withdraw what the app claimed had grown to over RM6 million, he was asked to pay an additional RM600,000 in ‘income tax’ — that’s when he realised it was a scam.

The case is being investigated under Section 420 of the Penal Code for cheating, which carries up to 10 years’ jail, whipping, and a fine. Raiz advised the public to be cautious of investment schemes offering unrealistic returns and to verify offers through official police social media channels.

Share post:

Popular

More like this
Related

M. Nasir Sues Grab-Owned MyTeksi For Over RM5 Million Over Alleged Unauthorised Use Of His Name

Veteran singer-songwriter M. Nasir has filed a lawsuit against...

Police To Facilitate ‘Himpunan Gegar TikTok’ Gathering Outside TikTok Headquarters

Police have been notified of the upcoming “Himpunan Gegar...

Five Police Personnel Questioned Over Alleged Misconduct And Corruption Claims

Police have recorded statements from five officers, including a...

Malaysian Man Arrested Trying To Smuggle 21.4kg Of Meth Into Indonesia Through Jungle Route

Indonesian border security forces have arrested a Malaysian man...