RM2.95 Million Gone: Terengganu Director Falls for ‘High-Return’ Scam

A company director in Terengganu has suffered heavy losses after falling victim to an online investment scam, losing a total of RM2.95 million last year.

Kuala Terengganu police chief ACP Azli Mohd Noor said the victim, a 66-year-old man from Tok Jembal, was first approached in May by an acquaintance he knew through social media. The individual introduced what was described as a business investment opportunity, promising attractive returns.

According to Azli, the victim was told he could earn returns of between 10 and 25 per cent on his capital. Convinced by the offer, he registered for the scheme through a website link provided by the suspect. He was also instructed to download an application, which he was told would be used to credit investment profits into his account.

Enticed by the promised returns, the man went on to transfer large sums of money over several months. Between June 10 and Nov 7 last year, he made 18 separate transactions, transferring a total of RM2.95 million into a bank account supplied by the suspect.

The scam only came to light when the victim tried to move the funds shown in the application into his personal bank account, but was unable to do so. Realising something was wrong, he lodged a police report at 11.06am last Saturday.

The case is now being investigated under Section 420 of the Penal Code for cheating. Police have once again reminded the public to be cautious of investment offers that promise unusually high returns, especially those introduced through social media or online contacts.