JOHOR BARU, Oct 1 — Three individuals here suffered losses of about RM120,000 after they were deceived by the promise of a bogus online gold investment scheme that offered affordable packages but with the promise of lucrative returns.

Seri Alam District Police Chief, Superintendent Mohd Sohaimi Ishak, said the first report was lodged last Wednesday (September 29), where the victim received an opportunity to invest in a gold investment scheme.

He said the victim was offered returns of between 8 and 11 per cent within three days for an investment package as low as RM300 with the alleged Gold Hub investment scheme.

“Until today, a total of three victims, aged between 25 and 50, have lodged police reports regarding the gold investment scheme where their losses amounted to almost RM120,000,” said Mohd Sohaimi in a statement issued here today.


He said investigations revealed that the victims were all attracted to the cheap package that promised lucrative returns.

He said the victims had made several transactions to the syndicate’s account.

“Preliminary investigations found that the victims were lured by this non-existent investment scheme through announcements from contacts and online.


“Until now, only three victims have come forward to lodge reports related to the gold investment fraud case yesterday,” he said.

Mohd Sohaimi said the police are still conducting further investigations into the investment scheme and he believes that there are other victims who were similarly deceived.

He said the case is being investigated under Section 420 of the Penal Code for cheating.

“Those keen to invest should be wary of any investment schemes that offer high and unrealistic returns,” he said, adding that the public can check Bank Negara Malaysia’s official website before deciding to invest with any party or company.