JOHOR BARU: A man claimed to have lost RM124,000 after falling for a fake investment scheme advertised on social media.
Kota Tinggi police chief Superintendent Yusof Othman said the 47-year-old local victim lodged a report yesterday.
The victim said the scheme, promoted via an app called L-Trader, promised huge profits, reaching millions.
"The victim claimed to have seen the advertisement on Facebook last May. The scam gave him an ID to monitor his "investment" through the app. After making an initial profit from a RM55,000 investment, he was told to invest more, reaching RM124,000.
"The victim realised it was a scam when he couldn't withdraw the promised RM9 million profit," Yusof said, adding that the victim had made 21 transactions to three different accounts.
The case is being investigated under Section 420 of the Penal Code for cheating offences.
Yusof advised the public to be cautious and verify investment offers promising quick returns.
– BERNAMA