Gombak trader loses over RM1.6m in non-existent online investment scam via WeChat app Posted on 12/11/2024 SHAH ALAM, Nov 11 — A trader in Gombak suffered losses of over RM1.6 million after he fell victim to a non-existent online investment scam. Selangor police chief Datuk Hussein Omar Khan said investigations revealed that the victim, 56, was duped by the suspect via the WeChat application. “The suspect sent a link and asked the victim to download the investment app for the platform and for depositing funds into the victim’s account. “After several days after transferring money into the app, the victim found that the investment had made a profit,” he said in a statement today. Hussein said the victim tried to withdraw the profits but couldn’t and was instead given excuses such as the need to pay taxes and “cross-border transfer fees” for the withdrawal process. He said the victim was also asked to make additional payments to withdraw the profits. “The victim then made 44 transactions to the suspect, involving four different accounts, amounting to RM1,688,725 before realising it was a scam when the promised profits could not be withdrawn,” he said, adding that the victim lodged a police report on Saturday (November 9). He added that the Selangor Police Headquarters Commercial Crime Investigation Department opened an investigation paper under Section 420 of the Penal Code. “We wish to advise the public to always be cautious of online investment schemes and investment apps, and to verify the legitimacy of stock investments with Bank Negara Malaysia and the Securities Commission Malaysia,” he said. — Bernama News
Australia eyes fines for Big Tech in digital competition push Posted on 02/12/2024 The digital law would empower Australia’s competition regulator to enforce compliance and investigate anti-competitive practices. (Reuters pic) SYDNEY: Australia proposed a law on Monday that could impose fines of up to A$50 million (US$33 million) on global technology companies if they suppress competition and prevent consumers from switching between services…. Read More
‘What are you looking at? I’m police!’ Witness recounts moments after senior cop mowed down teen in Ipoh Posted on 15/11/2024 IPOH, Nov 15 — A teenage boy told the High Court here today that he saw Muhammad Zaharif Affendi Muhd Zamrie in a critical condition, writhing in pain, after the collision that occurred on Dec 15 last year. The 12th prosecution witness said he witnessed the incident while trying to… Read More
CM: Unreliable water supply, pricey land, traffic jams hurting Penang’s pull with investors Posted on 22/11/2024 GEORGE TOWN, Nov 22 — Irregular supply and low water pressure for industrial use in Penang could have affected investors’ confidence, Chief Minister Chow Kon Yeow tod the state legislative assembly today. He said land scarcity and higher industrial land price in the state were also challenges that the state… Read More