Man loses RM728,800 in fake share investment scam

A 54-year-old man in Kuching has lost RM728,800 after falling prey to a fake share investment scheme that he encountered through a social media advertisement.

Kuching district police chief ACP Alexson Naga Chabu said the case was reported to the Commercial Crime Investigation Division of the Kuching police. Initial investigations found that the scam began on Dec 28, 2025, when the victim came across a share investment advertisement on Facebook while at home.

According to Alexson, the advertisement directed the victim to click on a WhatsApp link. He was later contacted by a woman who introduced herself as “Vivian Chow”, claiming to be a trade assistant for an investment scheme known as Accumulation & Growth Investment Alliance.

The victim was subsequently added to a WhatsApp group linked to the scheme, which appeared active and convincing. He was then instructed to download an application through a provided link, identified as the Bospro app. The application was presented as a platform to manage investments and monitor returns.

Believing the scheme to be genuine, the man proceeded to make 10 online fund transfers in stages into six different bank accounts provided by the suspects. The transfers were made over a period of time, reinforcing his belief that the investment was progressing as promised.

The deception only came to light when the victim attempted to withdraw the profits shown in the application but was unable to do so. Realising something was wrong, he lodged a police report.

The case is now being investigated under Section 420 of the Penal Code for cheating, which carries a punishment of between one and 10 years imprisonment, whipping and a possible fine if convicted.

Alexson reminded the public to exercise caution when dealing with investment offers found on social media. He advised potential investors to verify the legitimacy of investment entities through the Securities Commission Malaysia website and to be wary of schemes that promise high or guaranteed returns.

In addition to verifying the legitimacy of investment entities through the Securities Commission Malaysia website, you can also visit WikiFX to check a forex brokers regulatory licences. WikiFX features reviews from real traders and offers community groups where you can exchange insights and seek opinions from other traders. Before making any forex investment, it is strongly advised to research the broker on the WikiFX website to avoid becoming the next victim.