Beware of The Latest Investment Scam in Malaysia!

A 41-year-old factory worker residing in Iskandar Puteri (in the state of Johor, Malaysia) experienced substantial losses totalling RM87,400 (approximately 18,900 USD) when he fell victim to an alleged scam involving a fraudulent investment scheme promising lucrative returns. The incident came to light after the victim filed a report with the district police's Commercial Crime Investigation Department (CCID).

According to Assistant Commissioner Rahmat Ariffin, initial investigations unveiled that the victim was introduced to a stock market investment scheme through a WhatsApp group named “Stock Market Stable Profit Practical Training Camp” on May 4. On June 12, the victim commenced investing in the group, and shortly afterwards, he was informed of a remarkable increase of RM180,000 (approximately 38,600 USD) in his investment profits.

Subsequently, when the victim sought to withdraw his accumulated profits, he was instructed to make a tax payment amounting to RM24,000.90 (approximately 5,000 USD). Unfortunately, after the victim completed the tax payment, the scheme's administrator ceased all communication, leaving the victim uncertain and suspicious. Realizing he had been deceived, the victim promptly lodged a police report.

It was discovered that the victim had never met the scheme's administrator in person, as all interactions had taken place solely through WhatsApp. The victim's doubts intensified after being expelled from the WhatsApp group. Consequently, the victim incurred a total loss of RM87,400, encompassing the initial investment amount.

The case has been classified as a cheating offence under Section 420 of the Penal Code. Assistant Commissioner Rahmat urged the public to exercise caution when dealing with investment schemes and emphasized the need to avoid falling prey to promises of quick and effortless wealth. He advised individuals to seek guidance from their nearest police station or consult Bank Negara for advice on investment schemes.

In recent times, a surge in fraudulent money game scams has victimized numerous individuals nationwide, exploiting the allure of attractive returns through false promises associated with foreign exchange, gold markets, stock markets, and commodities investments. Reports of such scams continue to emerge on a weekly basis, highlighting the importance of vigilance and scepticism among the public.