SERI ALAM: A 36-year-old contractor lost RM123,470 to a non-existent investment scheme that promised 88 per cent returns.
The man had been contacted via WhatsApp on Aug 1, and between that day and Aug 22, made nine online cash transfer to five bank accounts he was provided.
District police chief Superintendent Mohd Sohaimi Ishak said the victim lodged a report yesterday after finally realising he had been scammed.
He said the victim had first been contacted by a man claiming to be an investment agent.
Enticed by the lucrative returns, he followed the instructions given and downloaded an investment application named BitBest.
After registering his details on the site, he started trading with the initial investment made, and saw what he believed to be huge profits.
However, attempts to withdraw the profits were futile.
He was also asked to make additional payments to 'unlock' the withdrawal.
Sohaimi said the payment demands eventually led the victim to realise he had been cheated.