Insurance agent and friends lose over RM500,000 to investment scam

KUALA LUMPUR: An insurance agent has lodged a police report claiming that he and some friends lost RM550,000 to an investment scam after investing in a recycling company in Selangor.

Bukit Aman Commercial Crime Investigation Department director Comm Datuk Seri Ramli Mohamed Yoosuf (pic) said the complainant, aged 49, claimed that he and his friends invested because of the lucrative dividends promised.

They were also told that the shares would be listed on Nasdaq in the United States, Comm Ramli said when contacted on Thursday (Jan 11).

He said the complainant became suspicious and lodged a police report when his request for share certificates was not fulfilled by the company concerned.

The complainant said his personal loss amounted to about RM100,000.

Comm Ramli said police were investigating under Section 58(1) of the Capital Markets and Services Act 2007.

He advised the public to always be wary when dealing with dubious investment offers and to check with the relevant authorities for verification.

Meanwhile, Malaysian International Humanitarian Organisation secretary-general Datuk Hishamuddin Hashim said 26 people who claimed to be victims of the investment scam had lodged police reports. – Bernama