SIBU: A trader lost RM135,000 in a recent online investment scam after being promised substantial returns.
Sibu district police chief ACP Zulkipli Suhaili confirmed the victim, a man in his forties, was contacted via WhatsApp on June 18.
A woman claiming to be from Kuala Lumpur offered him an opportunity to join an investment scheme named AAPL.
The scheme promised returns of RM4.20 for every unit invested by participants.
The victim was instructed to download a specific application before joining a WhatsApp group.
This group displayed what appeared to be substantial profits from the same investment scheme.
The suspect assured the victim an initial profit of RM42,000 after depositing funds.
The man decided to invest and made eighteen separate bank transfers totalling RM135,000.
These transactions occurred between September 4 and September 9 into a local bank account.
He did not receive any promised returns and was instead pressured to invest more money.
Realising he had been deceived, the victim filed a police report on September 13.
Police are investigating the case under Section 420 of the Penal Code for cheating.
This section pertains to fraud and carries severe penalties upon conviction.
Authorities urge the public to exercise extreme caution with unsolicited investment offers.
They recommend verifying any investment opportunity through official channels first.
Financial scams have become increasingly sophisticated, targeting individuals through social media.
Many victims are lured by promises of quick and high returns on their investments.
Law enforcement continues to combat these crimes through public awareness and investigation. – Bernama