An unemployed 42-year-old man from Johor Bahru fell victim to a fraudulent investment scheme, losing almost a million ringgit in savings. The scam, promising extravagant returns within an hour, was perpetrated through social media by an alleged foreign scammer.
Johor Bahru South police chief Assistant Commissioner Raub Selamat revealed that the victim reported the incident after realizing he had been deceived by the fraudulent scheme. The scam operated under the guise of a bitcoin investment offering an extraordinary 60% return within a 60-minute timeframe through a suggested online application.
Lured by the promise of high profits, the victim engaged in 126 transactions, totaling RM989,170.44 after downloading the app from the provided link. However, upon attempting to withdraw his invested capital and the promised profits, he found his account swiftly blocked.
The case is now under investigation under Section 420 of the Penal Code for cheating and dishonestly inducing the delivery of property. The penalties for this offense include imprisonment for up to 10 years, whipping, and fines.
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To caution the public against falling prey to such scams, Raub advised vigilance and urged individuals to verify the licenses of companies or individuals engaged in investment activities through the Securities Commission.