Johor Contractor Falls Victim To RM688K Investment Scam Promising 410% Returns

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The 50-year-old victim from Johor Bahru was initially enticed by a Facebook advertisement on 26 July. Between 31 July and 8 September, the victim made 17 transfers totalling RM688,000 to three different bank accounts.However, in early September, when he tried to withdraw more funds, he was told to increase his investment first.

The victim’s suspicions were finally aroused when he attempted to contact the purported investment company for verification.Police have launched an investigation under Section 420 of the Penal Code, which deals with cheating and dishonestly inducing delivery of property.

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Contractor Loses RM688,000 to Online Investment ScamA 50-year-old contractor lost RM688,000 to an online investment scam called DFA after being lured by promises of high returns. He was contacted through Facebook and added to a WhatsApp group where he received instructions on how to invest via an app called ATS-P. After making several transactions, the victim was unable to withdraw his profits and discovered the company behind the scheme did not exist.
Source: theSundaily - 🏆 25. / 51 Read more »