KUALA LUMPUR: A 61-year-old businessman's dreams of easy money quickly turned into a nightmare after he was scammed off RM1.28 million.
In a statement, Johor police chief Commissioner M Kumar said the man was lured by a stock investment advertisement on social media promising attractive returns.
"The victim clicked on the given link and dealt with an individual via WhatsApp.
"Through the promised explanation, the businessman was interested in cryptocurrency investment through 'ACCERX' website which offered high profits.
"He then downloaded the 'ACCERX' app and registered to see and monitor his investments."
Subsequently, Kumar said, the victim made payments to several bank accounts amounting to RM1,289,441.00 from Nov, 2023 until the end of Jan, 2024.
The victim has not received any profits from his investments even though the 'ACCERX' app indicates that his investment has generated substantial profits.
"The complainant suspects he has been scammed and eventually the application can no longer be accessed."
The man's plight came to light after he lodged a police report on the matter.
Meanwhile, Kumar said the police have received another report from a retire who also lost a substantial amount of money to an investment scam.
The case involves a 65-year-old woman who was approached to invest in a scheme called 'FIDELITY' which promised returns of 30 per cent.
"The victim then downloaded the 'FIDELITY' app and registered to monitor her investments through a link provided to her.
"Subsequently, she made payments to several bank accounts amounting to RM390,000.00 from Nov, 2023 until the end of Jan, 2024.
"Until now, the complainant has not received any profits from her investment."
Kumar said the woman became suspicious when she could not withdraw the profits the 'FIDELITY' app indicated she had.
She said she was told to make a payment of 30 per cent of the investment value before the money could be withdrawn.
"The complainant however did not make the additional payment and lodged a police report. Both cases above are investigated under Section 420 of the Penal Code for cheating."
Kumar advised the public to be cautious and avoid falling for promises of lucrative returns offered by online investment schemes.
"Check with relevant agencies such as the police, Bank Negara Malaysia, and the Securities Commission before taking part in any investment schemes.
"If you have been a victim of fraud, contact the National Scam Response Centre (NSRC) at 997 immediately to block the flow of funds from the suspect's account," he said.