Trader loses over RM100,000 in investment scam

A trader in Temerloh lost more than RM100,000, after falling victim to a fraudulent investment scheme last month, which promised high returns.

Pahang police chief Datuk Seri Yahaya Othman said the 67-year-old man joined a purported share investment scheme on Nov 8, through the WhatsApp application, after being enticed by a man who claimed to be a senior official of the stock exchange. According to Yahaya, the victim was attracted by the scheme after being told there would be no investment tax if he committed on the same day.

“The victim made nine transactions, transferring a total of RM117,000 to eight different bank accounts. He later realised he had been scammed, when he could no longer contact the suspect and did not receive the promised returns,“ he said, in a statement today. Yahaya added that the victim had used his personal savings for the investment. He urged the public to exercise caution and verify the legitimacy of any online investment opportunities, to avoid falling prey to similar scams.

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