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.
