Johor Baru police said an 84-year-old man lost RM500,000 after falling prey to a non-existent investment scheme promising high returns. — Picture by Raymond Manuel
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Saturday, 18 Jan 2025 12:54 PM MYT
JOHOR BAHRU, Jan 18 — An 84-year-old man lost RM500,000 after falling prey to a non-existent investment scheme promising high returns.
Johor Bahru North District police chief ACP Balveer Singh Mahindar Singh said the victim filed a report yesterday claiming he was added to an investment WhatsApp group in October last year.
He was then communicating with an individual named ‘Dong Yuan’ via +1(720)9843320. Intrigued by the promise of up to 100 per cent returns, the victim downloaded the ‘DIGZAXXCE’ app to track his earnings.
Between Jan 6 and 15, the victim issued 12 cheques to two different bank accounts, for the sum of RM500,000.
“The victim realised he had been scammed after his accountant informed him that the investment was fraudulent.
“This occurred after he was asked to pay an additional fee to withdraw the promised high profits in USD, as shown on the link.
“He was told that refusing to make the payment would result in his profits being frozen,” said Balveer Singh in a statement today.
He added that the case is being investigated under Section 420 of the Penal Code for cheating, which carries a maximum penalty of 10 years imprisonment, caning, and a fine upon conviction. The probe will also extend to the involvement of money mule accounts.
He urged the public to be vigilant against the growing prevalence of online scams and to avoid falling for investment schemes that promise easy and quick, high returns. — Bernama
