Businessman and Grab driver suffer huge losses in investment fraud

KEPALA BATAS, Sept 10 — A businessman suffered a loss of RM181,209 after he became a victim of a fraudulent investment syndicate in Butterworth, near here last Thursday.

Seberang Perai Utara District Police (ACU) ACP Noorzainy Mohd Noor said the 48-year-old was involved in the scam after being intrigued by an investment ad offered on the WeChat social app.

“The man was excited by the short-term lucrative offer and had called the given phone number before speaking to a woman purportedly from Hong Kong claiming to be the agent of the investment company,” he told reporters here today.

He said the victim was promised returns just within two months, which prompted him to make 22 cash transfers into two local bank accounts totalling RM181,209 before the woman urged him to increase the investment value by offering more lucrative returns.

“The man only realised that he had been duped after the woman began giving excuses when asked about the investment,” he said.

In a separate case, Noorzainy said a Grab driver also lost RM18,980 after he was duped by an investment fraud syndicate using the same modus operandi last Thursday.

“The 29-year-old first received the investment ad on WhatsApp and wanted to invest only RM500, but after being persuaded and promised a quick return within two days by a woman who claimed to be an investment agent, he made an investment of RM18,980,” he said.

He said the man had lodged a police report yesterday and both cases were being investigated under Section 420 of the Penal Code for fraud. — Bernama

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