MUAR: A man lost RM242,223 when he fell victim to a fake investment scheme introduced by an online acquaintance he met through WhatsApp.
The victim, 29, was introduced to the scheme by the acquaintance on May 28.
After several chats, the acquaintance presented the investment opportunity, which promised high returns of up to 100 per cent of the invested amount.
Convinced of its legitimacy, the victim was directed to download an app showcasing testimonials from other investors of the profits they received..
The victim made his first investment and received a small profit within three days, boosting his confidence to increase his investment. Between Aug 1 and Sept 19, he made 28 online transfers to four bank accounts totalling RM242,223.
District police chief Assistant Commissioner Raiz Mukhliz Azman Aziz said despite the initial payout, the victim was unable to withdraw the promised returns from his subsequent investments.
When the acquaintance demanded further payments, the victim became suspicious and refused, he added.
Raiz said the victim lodged a report after realising he had been scammed.
He said the case was being investigated under Section 420 of the Penal Code for cheating.
Raiz urged the public to exercise caution with online investments and recommended using the "Semak Mule" online service at semakmule.rmp.gov.my to verify the legitimacy of accounts before making payments or downloading suspicious apps.