PETALING JAYA: A senior citizen from Kuching, Sarawak lost over RM9 million to an investment scam earlier this year, according to police.
Kuching police chief Alexson Naga Chabu said the victim, 79, lost his savings to a non-existent share investment scheme, which also involved a fake initial public offering (IPO), Borneo Post reported.
He said the victim was offered the share investment and IPO schemes by a suspect through an online application called “TBGIA”, which claimed to produce high-yield returns.
“Believing in the scheme, the victim made 27 transfers to nine different accounts amounting to RM9,082,000. However, he only received a return of RM1,000.
“The victim realised he had been cheated after he was unable to withdraw his investment and returns as shown in the application,” Alexson said in a statement.
The case is being investigated under Section 420 of the Penal Code for cheating.
