Lured by high returns, Terengganu businessman loses over RM200,000 to investment scam on social media

CHUKAI, Dec 19 — A businessman lost RM210,976.50 after falling victim to a non-existent investment scheme on social media, according to police.

Acting Kemaman District Police Chief DSP Wan Muhamad Wan Ja’afar said today the 31-year-old man had joined a so-called investment scheme through a website last November.

He said the victim was deceived into making 13 transactions to 11 different accounts between November 4 and December 10, amounting to the total sum.

“The victim was promised high returns by the investment scheme. However, after some time, he did not receive the promised returns. Feeling cheated, he lodged a police report yesterday evening,” Wan Muhamad said in a statement.

He said the case was being investigated under Section 420 of the Penal Code.

He advised the public to verify investment opportunities through official sources, including the Securities Commission and Bank Negara Malaysia, before making any investment. — Bernama