KULAI: A 25-year-old engineer lost RM102,408 to a non-existent investment scheme he had been involved in since August.
The man was lured by the promise of a 10 per cent return in a short period and downloaded an application called L-Trader.
The victim made 17 online bank transfers totalling RM102,408 to six bank accounts between July 31 and Sept 28.
Upon checking his L-Trader account, the victim found that his investments had supposedly yielded profits amounting to RM1,620,374.05.
However, when he attempted to withdraw the funds, he found his account blocked, leading him to suspect he had been scammed.
He lodged a report on Saturday.
District police chief Superintendent Tan Seng Lee said the case was investigated under Section 420 of the Penal Code for cheating involving a non-existent investment.
He urged the public to remain vigilant against investment schemes promising unusually high returns in a short timeframe.
He also advised using online services provided by the police's Commercial Crime Investigation Department, such as the National Scam Response Centre, CCID Infoline and Semak Mule.