A 57-year-old man in Kuching lost over RM1.1 million in a fake stock investment scheme promoted through a WhatsApp group.

KUCHING: A 57-year-old man lost more than RM1.1 million after falling victim to a non-existent stock investment scheme promoted via WhatsApp.

Kuching District Police Chief ACP Alexson Naga Chabu said the victim received a message offering a lucrative investment opportunity on December 9.

Attracted by the offer, the victim joined a WhatsApp group named ‘FYCMAX VIP’.

He was then instructed to download an application called ‘FYC’ and deal with several individuals acting as group administrators.

The victim became increasingly confident after seeing displayed profits within the app.

He subsequently carried out 23 money transfer transactions into four different bank accounts.

The total amount transferred was RM1,108,784.

Alexson added that the victim only realised he had been cheated when he failed to withdraw his investment funds and the supposed profits.

The case is currently being investigated under Section 420 of the Penal Code for cheating.

 The Sun Malaysia