MAN LOSES OVER RM100,000 IN INVESTMENT SCAM

KUALA TERENGGANU, April 29 (Bernama) -- A man lost more than RM100,000 in savings after being scammed by an investment company claiming to offer Islamic shares.

Kuala Terengganu police chief ACP Azli Mohd Noor said the 57-year-old victim, who is a former oil rig employee, claimed a friend informed him about the investment company on Jan 29, 2023, and then joined an online information session organised by its sales agent to learn more about the investment offer.

 "According to the victim, the company offered different investment packages with profit returns based on the amount of capital invested.

"The victim chose the package involving a capital of RM150,000 and was promised a profit of 18 per cent per annum for three years.

“According to the agreement, the profit will be paid every three months, which is about RM6,700 for three years," he said in a statement today.

According to Azli, the victim had received payments of RM40,500 in profit, which was made in stages as per the agreement.

However, he said, the victim claimed that starting Oct 29, 2024, he no longer received the payment and various reasons were given by the company after being contacted for an explanation.

"Until the report was lodged at 11.14 am yesterday, the victim still had not received the promised profit," he said, adding that the case is being investigated under Section 420 of the Penal Code.

Police advise the public to exercise caution when offered investments that promise lucrative returns.          

-- BERNAMA