Company manager loses over RM500,000 to non-existent investment scam

JOHOR BAHRU: A company manager lost over RM500,000 after falling victim to a non-existent stock investment syndicate.

Kulai District police chief Supt Tan Seng Lee stated that the 55-year-old man filed a police report on Thursday, claiming the syndicate promised quick substantial returns.

He said the alleged investment profits were said to have been deposited through an application known as “P Trade Online”.

“Enticed by the promised lucrative profits, the victim proceeded to make 18 transactions totaling RM527,116 into three local bank accounts between Sept 19 and Oct 25,” he said in a statement today.

The victim realised he had been deceived after he was unable to withdraw his profits of 3.251 million yuan (approximately RM2 million) and was instead asked to make an additional payment of RM239,116.

He added that the case is currently being investigated under Section 420 of the Penal Code.

Tan advised the public to be vigilant and conduct thorough checks before participating in any investment schemes, especially those promising significant returns in a short time, to avoid falling prey to such scams.