KULAI: A company manager, 55, lost RM527,116 in a fake stock investment scheme.
The victim lodged a report on Oct 31, claiming he had lost his investments, which were transferred to three banks in 18 transactions between Sept 19 and Oct 25.
District police chief Superintendent Tan Seng Lee today said the man was lured by the promise of high profits by syndicate members.
The man was convinced that his earnings would be deposited into his account via an online platform, said Tan.
The victim monitored his account and saw what appeared to be a profit of 3.25 million yuan (RM2 million).
However, attempts to withdraw the funds were unsuccessful, Tan added.
Instead, the scammer demanded an additional RM239,116, claiming it was necessary to release the "earnings", Tan said.
Realising he was duped, the man lodged a report.