Project Manager Loses Over RM138,000 in Shocking Investment Scam

A project manager fell victim to an investment scam, losing over RM138,000 after being lured by promises of at least 20% returns. The 37-year-old victim was approached in September last year by someone claiming to be an employee of a reputable bank.

According to Seri Alam OCPD Asst Comm Mohd Suhaimi Ishak, the scam began with a phone call offering a lucrative stock investment opportunity. The victim was subsequently added to a WhatsApp group where he received detailed instructions on how to proceed.

“Attracted by the promise of high returns through easy means, the victim made 30 online banking transactions, transferring a total of RM138,300 to a single bank account,” said ACP Mohd Suhaimi in a statement on Thursday (Jan 23).

The transactions, conducted between Nov 13 and Dec 14 last year, were purportedly for startup capital and tax payments related to the promised investment returns. However, the victims hopes were dashed when he was informed earlier this month that the stock value had plummeted. Soon after, he was removed from the investment group chat and blocked from contacting the suspect.

Realizing he had been scammed, the victim lodged a police report on Wednesday (Jan 22). ACP Mohd Suhaimi confirmed that the case is being investigated under Section 420 of the Penal Code for cheating, which carries penalties of one to 10 years imprisonment, caning, and a fine upon conviction.

Further investigation revealed that a mule account was used for the transactions, constituting an offence under Section 424 of the Penal Code. This offence, which involves using another persons payment instrument or bank account, is punishable by a fine of up to RM100,000, imprisonment of up to seven years, or both.

“The public must exercise caution with online investment opportunities, as fraudulent schemes promising high and easy returns are widespread. Before committing to any investment, verify its legitimacy with authorities such as the police, Bank Negara Malaysia, or the Securities Commission Malaysia,” warned ACP Mohd Suhaimi.

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