JOHOR BARU: A 55-year-old woman lost more than RM700,000 after being deceived by an individual she met on social media who offered a non-existent stock investment.
Johor Baru North District Police Chief Assistant Commissioner Balveer Singh Mahindar Singh said they received a report from the local woman yesterday, stating that she was attracted to a stock investment introduced by an acquaintance named Elsa on Sept 18.
"The victim was drawn to the stock investment introduced by Elsa, an acquaintance she met through Instagram.
"The victim then contacted Elsa via WhatsApp at the number 016-6066172, where she was pomised a return of 10 to 20 per cent on the invested capital.
"Impressed by the promised profits, the victim downloaded the CW(M).LNC application from the Play Store and made 22 transactions to four different accounts provided," he said in a statement last night.
The transactions took place between Nov 7 and Dec 13, totalling an investment of RM751,070.
The victim realised she had been scammed when asked to make additional payments to withdraw the investment returns.
"The investigation will also include the involvement of 'account mules' if any, and actions will be taken against the account holders involved," he added.
The case is being investigated under Section 420 of the Penal Code for cheating.
He advised the public to stay vigilant about current commercial crime trends to avoid becoming a victim of scams.
"The public is also advised not to easily trust any online investment or job offers that promise easy methods and high commissions," he said.