Miri man loses RM511,406 to fake online investment scheme

A man in his early 50s in Miri, Sarawak, lost RM511,406 after being deceived by a non-existent online investment scheme, according to a Malaysia Tribune report of 31 May 2026. The victim filed a police report after realising he had been cheated in a scheme that had been offered to him since March.

Miri district police chief Assistant Commissioner Mohd Farhan Lee Abdullah said the victim first received a WhatsApp message from an unknown number on 18 March and was introduced to an investment scheme promising high returns in a short period. The victim then clicked a link provided by the suspect and was instructed to make payments to certain bank accounts.

How the scam unfolded

According to the police chief, the victim made 25 transactions to several different bank accounts between 1 April and 24 May, with the total amount transferred reaching RM511,406. The scheme was presented as a legitimate online investment opportunity, but the promised returns never materialised.

After all the payments were made, the suspects kept demanding additional money, claiming it was needed for the victim to receive the promised investment returns. The victim, however, never received any profit or return as promised before realising he had been cheated and coming forward to file a police report.

Investigation and official advice

The case is being investigated under Section 420 of the Malaysian Penal Code for cheating. Police have advised members of the public who become victims of cyber fraud to immediately contact the National Scam Response Center (NSRC) at 997 for further action.

Red flags for investors

This case highlights common warning signs of investment scams: unsolicited contact through messaging apps, promises of unusually high returns in a short period, and repeated demands for payments to multiple different bank accounts. Legitimate investment schemes do not typically approach individuals through random messages or pressure them into rapid, repeated transfers.

The public is reminded to verify any investment opportunity with authorised financial regulators before committing funds, and to be cautious of any scheme that demands further payments before releasing promised returns. Anyone who suspects they have been targeted by such a scam should report it to the authorities promptly.