JOHOR BARU: A 60-year-old man lost RM406,654 after falling victim to a fake investment scheme he stumbled upon on Facebook in May 20.
The victim came across the investment opportunity advertised on Facebook known as 'dimensional', offering a 10 per cent interest on the invested capital within three months.
Johor Baru (North) police chief Assistant Commissioner Balveer Singh said the victim gave his bank account details to a man who introduced himself as Vincent.
Between July 25 and Oct 3, he made 30 online cash transactions amounting to RM461,900 to seven accounts provided by Vincent.
Despite his substantial investment, he received RM55,246 in returns.
When he attempted to claim the remainder of his promised profits, Vincent blocked his calls.
Realising that he had been duped, he lodged a police report.
Balveer said the case is investigated under Section 420 of the Penal Code, for cheating, while police are also tracking the bank accounts which are believed to be mule accounts used to launder the stolen funds, with legal action to be taken against the account holders involved.
He urged the public to stay vigilant against the rising commercial crime trends. He advised against trusting online investment schemes that promise high returns with minimal effort.
The public is encouraged to use online resources such as the "Semak Mule" service and the CCID Scam Response Centre at 03-26101559/03-26101599 for information on potential scams. They can also reach out to the National Scam Response Centre (NSRC) via the hotline at 997 before making any financial transactions.
He reminded the public that these scams are becoming more sophisticated, and it is essential to verify the legitimacy of any online investment or job offer to avoid falling victim to fraud.