A private sector employee in Pahang lost RM636,123 after being deceived by a fake stock investment scheme promoted on social media.

KUANTAN: A 57-year-old man lost more than RM600,000 after falling victim to a fraudulent stock investment scheme promoted on social media. Pahang police chief Datuk Seri Yahaya Othman said the victim contacted a suspect via WhatsApp in November last year after seeing an advertisement promising lucrative returns.

“The suspect offered a stock investment scheme with a guaranteed profit of 30% within one month with a minimum capital of RM10,000,” Yahaya said in a statement. He said the suspect instructed the victim to download a specific investment application to proceed.

Through this application, the victim was shown purported profits that grew to approximately RM1.84 million. The displayed amount included both the initial investment and commissions.

When the victim attempted to withdraw the funds, however, the suspect gave various excuses. The suspect then requested additional payments before the withdrawal could be processed.

From January 9 to February 11, the victim made four fund transfers into four different bank accounts. Yahaya said the man used personal savings and loans from family members, resulting in total losses of RM636,123.

He advised the public to always conduct checks and seek early advice from the nearest police station before participating in any investment. This is to avoid becoming victims of fraud.

“The public is also encouraged to verify bank account numbers through the Semak Mule website before carrying out any financial transactions,” he added. Victims of scams are advised to immediately contact the National Scam Response Centre at 997 for prompt assistance.

 The Sun Malaysia