A private doctor in Alor Setar lost RM3.8 million in a fake IPO investment scheme promising 50% returns in two weeks.

ALOR SETAR: A private doctor was conned out of RM3.8 million after falling victim to a non-existent Initial Public Offering investment scheme.

Kedah Commercial Crime Investigation Department chief Supt Syamsyul Anwar Saad said the 60-year-old victim lodged a police report on March 4.

The victim was drawn to the investment after seeing an advertisement by a company called JMC Capital on Facebook last August.

“He was promised returns of 50% within two weeks of the invested capital,” Syamsyul Anwar said in a statement.

The victim initially dealt with a woman before being added to a WhatsApp group known as JMC Capital.

Group members consistently convinced the victim that the investment could yield high returns.

Between November last year and February, the victim performed 49 fund transfers totalling RM3,805,010.

The money was transferred into nine different bank accounts.

The victim only realised he had been cheated after failing to receive any of the promised returns.

Syamsyul Anwar advised the public to be cautious about online investment offers.

He urged people to ensure any scheme they participate in has the relevant authorities’ approval.

 The Sun Malaysia