JOHOR BARU: A technician lost RM172,000 to a fake investment scam after believing he could make a 400 per cent profit.
The 44-year-old man's troubles began on Nov 2 when a woman, claiming to be an investment agent, contacted him via WhatsApp.
She added him to a WhatsApp group called Malaysia Saham VIP after he expressed interest in the investment scheme.
He was instructed to download an application named CapMax and provide his personal and banking details.
Between Nov 5 and Dec 13, he made 13 online cash transfers to seven bank accounts, amounting to RM172,000.
However, when he attempted to withdraw his profits, he was told to pay an additional RM620,000.
When he tried to contact the woman, he discovered she had blocked him and removed him from the WhatsApp group.
Realising he had been scammed, he lodged a police report.
Johor Baru (South) police chief Assistant Commissioner Raub Selamat said promises of quick, lucrative returns were a major red flag.
"Verify investment opportunities with the Securities Commission and avoid sharing personal or banking details with unverified parties," he said in a statement.
"Use the Semak Mule portal to check suspicious accounts before making any transactions and follow the Commercial Crime Investigation Department on Facebook, Instagram, and TikTok for updates on the latest scams."