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Malaysian company director loses over RM1 million in online investment scam

A Malaysian company director lost over RM1 million in a month-long online investment scam. The victim, deceived via WhatsApp, invested both personal and company funds. The case is part of a broader trend of similar frauds, police report.



SEREMBAN, MALAYSIA: A Malaysian company director has lost over a million ringgit (US$212,000) after falling victim to an online investment scam.

The scam, which began in April and lasted for a month, deceived the director into investing both personal and company funds.

Communication between the victim and the scammers was conducted exclusively through WhatsApp.

The Seremban District Police Chief, Assistant Commissioner Mohamad Hatta Che Din, reported that the police received a formal complaint about the scam on Tuesday (11 June).

He elaborated on the fraudulent scheme, explaining how the syndicate convinced the victim to make a total of 16 transactions.

These transactions collectively resulted in a financial loss of RM1.3 million (US$275,600), as reported by Harian Metro.

“The victim, a man who is also a company director, communicated via WhatsApp with unknown individuals and joined the online investment scheme, transferring funds from 29 April to 28 May,” Mohamad Hatta stated.

The case is currently under investigation, classified under Section 420 of the Penal Code, which deals with cheating and dishonestly inducing the delivery of property.

This incident is part of a larger, troubling trend of similar scams that have been on the rise.

According to Mohamad Hatta, from January to 11 June, the Seremban District Commercial Crime Investigation Division (BSJKD) has initiated 55 investigations into similar scams, with reported losses amounting to RM4.3 million (US$911,500).

During this period, law enforcement has made significant strides in combating these crimes, arresting 23 individuals who were subsequently charged under Section 424 of the Penal Code, which pertains to dishonest or fraudulent removal or concealment of property, and Section 29 (1) of the Minor Offenses Act 1955.

Mohamad Hatta urged the public to exercise caution when encountering online investment offers.

He stressed the importance of conducting thorough checks and exercising due diligence before making any financial commitments.

“For any advice or further information, the public can contact the CCID Scam Response Centre at 03-26101559 or 03-26101599,” he added.

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