Company Director Loses Over RM800,000 in Online Investment Scam
KLUANG, Malaysia – A hardware company director and trader has fallen victim to an online investment scam, resulting in a loss exceeding RM800,000. The incident came to light after the 56-year-old man reported the matter to police following suspicious demands for additional payments from the scammers.
According to Kluang police chief ACP Bahrin Mohd Noh, the victim encountered an advertisement on social media in March promising exceptionally high returns on investments. Intrigued by the opportunity, the individual reached out to the purported investment agent, who instructed him to download an application named ‘PHV View’ to participate in the investment scheme.
Between June 5 and July 9, the victim transferred a total of RM829,705 in multiple installments, spreading the money across five different bank accounts as requested. The app indicated a lucrative return of RM4,669,065.25, which seemed to affirm the legitimacy of the investment at the time.
However, when the victim attempted to withdraw these supposed profits, he was informed that further payments were necessary to facilitate the withdrawal. Recognizing the situation as a scam, the man promptly filed a police report at the Kluang Police Station on July 10. The authorities have initiated an investigation under Section 420 of the Penal Code, which pertains to cheating. Police continue to urge the public to exercise caution when engaging with investment opportunities advertised on social media platforms and to verify the authenticity of agents and schemes before committing funds.
This case serves as a stark reminder of the growing prevalence of sophisticated online scams targeting investors by promising extraordinary returns and utilizing technology to deceive victims.
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