Housewife loses millions in non-existent stock scheme

Police warn of investment fraud surge

26 Jan 2024 07:50pm
Photo for illustration purpose only. - Photo by 123RF
Photo for illustration purpose only. - Photo by 123RF

KUALA LUMPUR - A housewife lost RM4 million after being tricked into participating in a non-existent stock investment scheme that promised lucrative returns of up to 380 per cent.

Bukit Aman Commercial Crime Investigation Department (JSJK) director Datuk Seri Ramli Mohamed Yoosuf said the investigation found that the 67-year-old woman saw an advertisement on the investment on social a few months ago and then clicked on the link provided.

"The woman was then included in the investment WhatsApp group and was given classes, tips and notes related to the investment," he told a special press conference, here today.

He said, the woman, lured by the promise of lucrative profits, made money transactions to 11 company accounts as was directed, but until today had not received the promised profit.

The woman lodged a police report yesterday and the case was being investigated under Section 420 of the Penal Code for fraud.

Meanwhile, Ramli said the JSJK received a total of 5,389 reports on investment fraud last year, involving losses of up to RM472 million.

"A total of 4,170 operations were carried out specifically to bust investment syndicates and from those operations, a total of 3,409 individuals were arrested.

"Based on the records of 2023, 744 individuals or victims of investment fraud are aged 60 and above,” he said. - BERNAMA

Related Articles: