M’sian Couple Receives RM277K In Profits Before Losing RM1.6 Million To Fake Stock Investment Scheme

Refund first, scam later.
In a sly move, scammers are willing to give some of their own money to victims, making it seem trustworthy, but it’s just a trick before they reveal their deceptive plan. 

Recently, a Malaysian couple who are directors of a wood carving company now find themselves grappling with substantial losses totaling RM1.6 million in non-existent stock investment, all due to a deceitful scam.

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The victims initially received a return of capital amounting to RM277,148 before the scammer proceeded to defraud them of an additional RM1.6 million, reported by Kosmo!.

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Stressed couple sitting at their home
For illustrative purposes only. Photo via Freepik

According to Deputy Superintendent Ahmad Jamil Radzi, the Chief of Police for the Jasin District, says that this scam started when the wife was approached by three people after being drawn in by Facebook investment advertisements.

Subsequently, the victim was added to three WhatsApp groups, where she received information about stock investment seminars, stock tips, and related materials.

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Approximately two weeks into the scheme, in October, the victim and her husband, who also serves as the director of the wood carving company, were directed to undergo training by joining a new investment group.

As part of the process, they were instructed to download various applications from the Play Store and, alarmingly, make a substantial total transfer payment of RM1.6 million.

The funds were distributed across 19 different company accounts under the guise of stock investments.

Scammer is holding his laptop.  
For illustrative purposes only. Photo via Freepik

Remarkably, during this period, the victim did receive a return of capital, totaling RM277,148.

This partial return, believed to be a calculated move by the scammer, aimed to foster trust and confidence among the unsuspecting investors.

The plot thickened when the victim received an Initial Public Offering (IPO) certificate related to a Chinese investment.

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Upon inspection, the victim discovered a spelling mistake in the company stamp, prompting suspicion and raising concerns about the legitimacy of the entire operation.

Faced with doubts and growing unease, the victim decided to take action.

On November 30, they filed a police report at the Jasin District Police Headquarters.

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The case is currently under investigation, falling under the jurisdiction of Section 420 of the Penal Code, which pertains to offenses involving cheating and dishonestly inducing delivery of property.


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