KUCHING, Feb 24 — A 57-year-old man lost more than RM1.1 million after falling victim to a non-existent stock investment scheme promoted via the WhatsApp application.
Kuching district police chief ACP Alexson Naga Chabu said that on December 9 last year, the victim received a message offering an investment opportunity with lucrative returns within a short period.
"Attracted by the offer, the victim joined a WhatsApp group named 'FYCMAX VIP' and was instructed to download an application known as 'FYC' and deal with several individuals acting as group administrators.
"The victim, becoming increasingly confident after seeing displayed profits within the app, carried out 23 money transfer transactions into four different bank accounts. The total amount transferred was RM1,108,784," he said in a statement today.
Alexson added that the victim only realised he had been cheated when he failed to withdraw his investment funds and the profits he had supposedly earned.
The case is currently being investigated under Section 420 of the Penal Code.
