Accountant loses RM2.2mil to investment scam

JOHOR BARU: A local accountant has been swindled out of more than RM2.2mil after falling for a fraudulent investment scheme.

Johor police chief Comm M. Kumar reported that the 75-year-old man was misled by a message from an unknown source promising high returns via an investment app.

“On December 19 last year, the victim was told about the scheme and was provided with detailed steps on how to invest using the app to attain significant profits swiftly,” he said.

Persuaded by the scammer’s promise of high profits, the victim then downloaded the app and followed the provided instructions.

Comm Kumar said that the victim started investing in May and transferred money to various bank accounts as the scammer directed.

Believing he could track his investment on the app, the victim saw a purported increase to RM12.9mil but was unable to withdraw without paying a RM1.6mil commission, which is when he realised the scam.

Comm Kumar added that the victim lodged a report on Sunday (June 16), and the case is being investigated for cheating under Section 420 of the Penal Code, which could result in up to 10 years in jail, fines and whipping.