JOHOR BARU: A 35-year-old Singaporean lost more than RM250,000 after he was lured into investing online by a "consultant".
The consultant, who he had met online, had promised lucrative returns to his investment.
On Aug 13, the victim had received a WhatsApp message from the man who claimed to be a stock investment consultant.
The "consultant" invited the victim to invest in the stock market, assuring him high returns in a short period of time.
Believing the legitimacy of the investment, the executive made 13 online bank transfers amounting to RM250,042 to six bank accounts between Oct 21 and Nov 27.
When the investments remained idle, the executive contacted the consultant, who asked for an additional payment to withdraw the promised returns.
The Singaporean refused, realising he had been cheated, and lodged a police report yesterday.
Johor Baru (South) police chief Assistant Commissioner Raub Selamat said investigations were underway to establish the six bank account holders, believed to be mule accounts.
He urged the public to conduct thorough checks on any investment offers before making payments, and to seek information from legitimate sources.
He also warned the public against lending, selling or owning bank accounts for third parties, as it could result in legal action under Section 424A of the Penal Code, for owning another person's bank account.
Offenders face imprisonment of up to five years or fines of no less than RM50,000, or both, upon conviction.
Additionally, Section 424B may also apply for facilitating access to bank accounts or payment instruments, punishable by up to seven years in prison or fines ranging from RM10,000 to RM100,000.