KUCHING, Nov 12 (Bernama) — A 59-year-old man lost over RM2.2 million in a non-existent online stock investment scam.
Kuching police chief, ACP Alexson Naga Chabu, said the victim was at home on Aug 18 when he was added to a WhatsApp group and introduced to a fake stock investment scheme called ‘MLK1’.
The victim was then instructed to download an app called ‘MLMA’ to participate in the investment, which promised high returns.
“He made 22 online transfers into 11 different bank accounts amounting to RM2,268,696.90,” said Alexson.
He explained that the victim realised he had been cheated only after he failed to withdraw the supposed investment profits of RM39,103,045.06, which were displayed in his account on the MLMA app.
Alexson said the case is being investigated under Section 420 of the Penal Code for cheating, which carries a penalty of imprisonment between one and ten years, as well as caning, upon conviction.
— BERNAMA