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Lured by 200pc returns, Johor man loses RM1.8m in social media investment trap
JOHOR BARU, May 4 — A company owner suffered losses amounting to RM1.8 million after allegedly being duped by an online investment scam in October last year.
Johor police chief Datuk M Kumar said the 66-year-old man had come across an advertisement on social media that promised high returns in a short time frame.
Enticed by the offer, the victim clicked on the link provided to learn more and was offered a 200 per cent return on his investment within three months.
“The victim subsequently made payments totalling RM1.8 million to several bank accounts between November 2024 and January this year. He also downloaded an application and created an account, as instructed by the suspect, to monitor his investments.
“However, no returns were received, and the suspect allegedly provided various excuses. The victim believes he had been scammed when he could no longer contact the suspect and found himself blocked from accessing the application,” he said in a statement.
Kumar said the victim lodged a police report yesterday, and the case is being investigated under Section 420 of the Penal Code.
“Johor police advise the public to remain vigilant and not be easily deceived by online investment schemes that promise quick and attractive returns,” he added.
