Man Loses Over RM400,000 in Stock Investment Scheme

A man in Kuching suffered losses of RM411,000 after participating in an online stock investment scheme that was promoted through social media advertisements.

Kuching District Police Chief Assistant Commissioner Alexson Naga Chabu said the incident began around February, when the victim was in Jeddah, Saudi Arabia. The victim reportedly came across a stock market investment advertisement on TikTok and later decided to join the programme.

Between March 5 and April 15, the victim made 17 money transfers into five different bank accounts. The total amount transferred reached RM660,000, while the victim only received RM249,000 in returns.

The victim became suspicious after being asked to make an additional payment to purchase initial public offering shares allegedly worth RM2 million, which was claimed to help increase his investment returns.

Police checks found that the first account receiving the victims money was opened at a bank branch in Padungan, Kuching. The case is now being investigated under Section 420 of the Penal Code for cheating.

Authorities advised the public to remain cautious when encountering investment offers on social media and to verify all details before making any financial commitment. Those who believe they have been affected are urged to contact the National Scam Response Centre at 997 immediately.