KUALA LUMPUR: A 50-year-old Malaysian pilot has fallen victim to a fraudulent investment scheme, incurring losses amounting to RM1,366,885.
Selangor police chief Datuk Hussein Omar Khan said that the victim was lured by an investment advertisement on Instagram promoting an app called UVKXE.
Believing it to be a lucrative opportunity, the pilot transferred funds through 34 transactions into 10 bank accounts provided by the suspect between October and December 2024.
"The victim was not promised specific returns or given detailed information about the scheme.
"He was merely encouraged to invest as much as possible to supposedly reap higher benefits.
"He was provided with a link to the UVKXE application website by the suspect and was taught how to use the application."
Hussein added that initially, the victim received a small return of RM4,300.
However, when attempting to withdraw the remaining funds through the app's withdrawal feature, no money was transferred to his account, prompting him to suspect foul play and lodge a police report.
Selangor Commercial Crime Investigation Department has opened an investigation under Section 420 of the Penal Code for cheating.
"Fraudsters use social media platforms to advertise investment schemes that appear legitimate but are not approved by Bank Negara Malaysia or the Securities Commission.
"We urge the public to exercise caution and avoid falling for promises of unreasonable returns," he said.