Image for illustration purposes only. — Image from Pixabay
KUCHING (May 5): A 55-year-old man lost RM411,000 after falling victim to a non-existent investment scam.
Kuching district police chief ACP Alexson Naga Chabu said the ordeal began in February this year when the victim, who was in Jeddah, Saudi Arabia, stumbled upon a supposed stock market investment advertisement on TikTok.
“The victim was led to the suspect via WhatsApp and made 17 transactions to five different bank accounts between March 5 to April 15, totalling RM660,000 – only to receive returns amounting to RM249,000.
“The victim realised he had been cheated when he was asked to buy a supposed initial public offering (IPO) stock worth RM2 million, allegedly to expand his stock market investment,” he said in a statement.
Alexson added that the victim’s first transaction to the suspect was made to a bank account that was opened locally at a Padungan branch.
The case is being investigated under Section 420 of the Penal Code for cheating.