Alexson says the victim was added to a WhatsApp group on Aug 18 this year, where he was introduced to an investment opportunity under the name ‘MLK1’. — Bernama photo
KUCHING (Nov 12): A 59-year-old man lost over RM2.26 million after falling victim to a non-existent online investment scam involving a fake stock and IPO platform known as ‘MLMA’.
Kuching police chief ACP Alexson Naga Chabu said the victim was added to a WhatsApp group on Aug 18 this year, where he was introduced to an investment opportunity under the name ‘MLK1’.
“The victim was instructed to download an application called MLMA to participate in the investment, which promised lucrative returns,” he said in a statement today.
He said the victim made payments in stages to 11 different bank accounts, involving a total of 22 online transfers.
According to Alexson, the victim began to suspect something was wrong when he was unable to withdraw the so-called investment profits displayed in the MLMA app, amounting to over RM39 million.
“Realising he had been duped, the victim reported the matter to the police after suffering losses totalling RM2,268,696.90,” he added.
He said the case is being investigated under Section 420 of the Penal Code for cheating and dishonestly inducing delivery of property.
The Section provides for imprisonment of between one and 10 years, whipping, and a possible fine, upon conviction.
Meanwhile, Alexson said from Jan 1 to Oct 12 this year, the Kuching Commercial Crime Investigation Division has investigated 100 cases involving the same modus operandi, with total losses amounting to RM22.98 million.
He urged the public to remain vigilant and verify any investment opportunities with the authorities before participating.
“The public should check the list of licensed entities on the Securities Commission Malaysia website at www.sc.com.my. Do not be easily convinced by online investment offers that promise high returns,” he said.
He further advised victims to lodge a report immediately by calling the National Scam Response Centre hotline at 997 within 24 hours.
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