SHAH ALAM: A trader in Gombak suffered losses of over RM1.6mil after he fell victim to a non-existent online investment scam.
“The suspect sent a link, instructing the victim to download the investment app for the platform and deposit funds into their account. Hussein said the victim tried to withdraw the profits but couldn’t and was instead given excuses such as the need to pay taxes and “cross-border transfer fees” for the withdrawal process, reported Bernama.“The victim then made 44 transactions to the suspect, involving four different accounts, amounting to RM1,688,725 before realising it was a scam when the promised profits could not be withdrawn,” he said, adding that the victim lodged a police report on Saturday.
“The public should always be cautious of online investment schemes and investment apps. They should verify the legitimacy of stock investments with Bank Negara Malaysia and the Securities Commission Malaysia,” he said.
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