KUANTAN: A 48-year-old trader lost RM126,359 of his savings to an online "Guo Tai Gold" investment scam, earlier this week.
Thinking he could earn easy money, the victim transferred the cash to the syndicate on three occasions, beginning on Sept 9.
But when the scammers demanded more money, he lodged a police report.
The hustle unfolded on Sept 9 when the victim spotted the online "Guo Tai Gold" investment scheme and contacted the company for further details.
The victim, who was guaranteed high returns, initially deposited RM1,000 into the scheme and within hours, won himself RM500 cash, which was returned with the capital.
Pahang Commercial Crime Investigation Department chief Superintendent Mohd Wazir Mohd Yusof said upon receiving the cash, the victim assumed he could make instant returns by investing more cash.
"He deposited RM37,329, followed by another RM37,950 and RM50,980 into three separate bank accounts. When he was told to pay another RM60,0000 before the company could 'begin to count his returns', the victim became suspicious and lodged a police report.
Wazir said there is no such thing as easy money with quick returns, and people must not be easily convinced by widespread online bogus investment schemes.
He said the case is being investigated under Section 420 of the Penal Code for cheating, which provides for a maximum jail term of 10 years and whipping, and a fine if convicted.