MIRI, Dec 26 —  A private company employee in Miri lost RM238,000 in savings after falling victim to a non-existent China-based stock investment scam.

Miri District Police Chief ACP Mohd Farhan Lee Abdullah said in a statement last night that a police report was received on Dec 25 by the Miri Commercial Crime Investigation Department (CCID).

The victim, a 40-year-old local man working in the private sector, was deceived into participating in a fictitious investment scheme.

“The modus operandi involved duping the victim into investing a non-existent China-based stock investment. Initially, the victim was given returns, which was a tactic used by the suspect to gain the victim’s trust and entice him to inject more capital into the bogus investment.

“The victim then made 10 transactions to two third-party bank accounts provided by the suspect, amounting to RM238,000. He only realised he had been cheated when he was unable to withdraw the alleged investment profits,” he said.

Investigations are being conducted under Section 420 of the Penal Code, which carries a penalty of imprisonment of a term of not less than one year and not more than 10 years, whipping and a fine.

Police advised the public to remain vigilant against online investment offers, particularly those circulating on social media that promise quick and high returns.

The public is also advised to understand the fundamentals of investment before making any decisions and to verify with the relevant authorities before investing through social media platforms.

Members of the public are also encouraged to contact the National Scam Response Centre (NSRC) at 997 if they are victims of cyber scams such as phone scams, love scams, e-commerce scams, non-existent loans, and others, especially if they have just made a fund transfer to any mule account or scam syndicate account.

In addition, the public may suspicious phone numbers and bank accounts via the CCID Check Scammers service or through the website http://semakmule.rmp.gov.my before conducting any financial transactions.

It is also recommended to download the Whoscall application from the Google Play Store of Apple App Store.

Collaboraiton between the JSJK PDRM and the Whoscall application developer enables phone numbers listed in the JSJK Mule Account Checking System database to be flagged as scammers by Whoscall. — The Borneo Post