Insurance Manager Loses RM1.393 Million in Online Investment Scam

Background

An insurance manager from Johor Bahru lost a staggering RM1.393 million after allegedly being scammed into an online investment scheme in November last year. The victim, a 59-year-old man, received a message via the WhatsApp application from one ‘Iris Ng’ who offered him to invest in stock trading, promising a profit of 580 per cent within two months.

The Scam

The victim was instructed to upload an application to register and monitor his investment account. He was attracted by the promised profit and made 15 payment transactions to several bank accounts totalling RM1,400,500 between November last year and the beginning of this month. After the payments were made, the victim checked the trading app which showed that his investments had accrued a profit of RM4.7 million.

The Twist

However, when the victim decided to withdraw the profit, he only received RM7,500. He was told to make an additional payment of RM80,000 if he wanted to withdraw the entire sum. Noticing something was amiss, the victim did not follow through with the latest payment and instead made a police report yesterday.

The Investigation

The case is being investigated under Section 420 of the Penal Code for cheating. Johor police chief Datuk M. Kumar advised the public to be more vigilant and not be easily duped by any online investment offer that promised highly lucrative returns in a short time.

Conclusion

This incident serves as a stark reminder of the importance of being cautious when it comes to online investment opportunities. It is crucial to thoroughly research and verify the authenticity of any investment scheme before parting with your hard-earned money. Remember, if an investment opportunity seems too good to be true, it probably is.

FAQs

Q: What was the nature of the online investment scheme?
A: The scheme promised a profit of 580 per cent within two months.

Q: How much did the victim lose?
A: The victim lost RM1.393 million.

Q: What was the victim’s occupation?
A: The victim was an insurance manager.

Q: What is the current status of the investigation?
A: The case is being investigated under Section 420 of the Penal Code for cheating.

Q: What advice did the Johor police chief give to the public?
A: He advised the public to be more vigilant and not be easily duped by any online investment offer that promised highly lucrative returns in a short time.