Only RM1,000 returned after Kuching retiree ‘invests’ RM9m in alleged online IPO scam

KUALA LUMPUR, June 14 — A 79-year-old man in Kuching has lost more than RM9 million after allegedly falling victim to a fraudulent online investment scheme involving non-existent share investments and initial public offerings (IPOs).

Kuching police chief Assistant Commissioner Alexson Naga Chabu said the district police headquarters’ Commercial Crime Investigation Division had recently received a report from the victim, who suffered losses amounting to RM9.08 million.

Preliminary investigations found that the man had become acquainted with the suspect around January before being introduced to what was presented as an investment opportunity promising substantial returns within a short period.

According to Alexson, the victim was persuaded to participate in the purported share investment and IPO scheme and subsequently made 27 separate transactions into nine different bank accounts provided by the suspect.

“Convinced by the offer, the victim transferred money in stages through 27 transactions into nine different bank accounts provided by the suspect.

“The total amount transferred was RM9,082,000, but the victim only received RM1,000 in returns from the investment,” he said in a statement today.

The victim only realised he had been deceived after repeated attempts to withdraw both his initial investment and the profits purportedly reflected in the TBGIA application proved unsuccessful.

Alexson said the case is being investigated under Section 420 of the Penal Code for cheating and dishonestly inducing the delivery of property.

He urged the public to exercise caution when approached with investment opportunities, particularly those promoted through social media platforms and offering unusually high returns.

Members of the public were advised to verify the legitimacy of investment schemes with the relevant authorities, including Bank Negara Malaysia and the Securities Commission Malaysia, before committing any funds.

Those who suspect they have fallen victim to financial fraud should immediately contact the National Scam Response Centre (NSRC) via its 997 hotline, he added.