
Businessman loses over RM1 million to fake online investment scheme
22 Jul 2025 08:51am
Photo for illustration purpose only - 123RF photo
SEREMBAN - A businessman suffered losses of over RM1 million after falling victim to a non-existent online investment scheme in April.
Nilai police chief Supt Abdul Malik Hasim said the police received a report from the man, in his 50s, at 4.22pm yesterday at the Pantai police station.
"The victim claimed he had dealings with an individual who offered the scheme on April 29 and was attracted to invest after being promised high returns.
"He was then instructed to download a mobile application called 'CDT MAX' before transferring money into seven different bank accounts provided for the investment. A total of 15 transactions were made, amounting to RM1,449,750,' he said in a statement. A businessman suffered losses of over RM1 million after falling victim to a non-existent online investment scheme in April. Photo for illustrative purposes only.
Abdul Malik added that the victim realised he had been scammed when he was asked to make additional payments in order to withdraw his so-called investment profits.
He said further investigations are underway to trace the suspect under Section 420 of the Penal Code for cheating. - BERNAMA

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles

Barnama
26 minutes ago
- Barnama
CGS International Maintains Bullish View On Malakoff Ahead Of Tenders
REGION - CENTRAL > NEWS KUALA LUMPUR, July 25 (Bernama) -- CGS International Securities Malaysia Sdn Bhd remains positive on Malakoff Corporation Bhd, citing its strong position to secure upcoming Energy Commission tenders amid rising power demand and the urgent need to ensure supply stability and reserve margins. The brokerage stated that its outlook is underpinned by Malakoff's established track record in thermal plant development and operations, supported by its ready-to-deploy plans, sites, and assets. 'We estimate the plant extensions could generate at least RM40 million in annual net profit from 2026,' it said in a research note. bootstrap slideshow 'This will be further supported by the RM950 million mini-hydro project and the RM660 million waste-to-energy (WTE) plant, which we forecast could contribute a combined RM35 million in net profit annually.' CGS International said a potential win for a 1.4 gigawatt greenfield gas plant could add at least RM200 million in recurring annual net profit and RM1 billion in equity value, equivalent to 20 sen per share, based on its back-of-the-envelope calculations. Together, these projects offer strong earnings visibility, backed by long-term power purchase agreements (PPAs) and concessions. While Malakoff's share price has rebounded from its recent lows, the firm sees further upside potential, driven by a pipeline of unpriced assets, including the mini-hydro and WTE plants, its stake in E-Idaman, and potential PPA extensions for the GB3, Prai Power, and Segari plants. 'We also see Malakoff as a strong contender for new gas-fired plant contracts,' it said. On May 10, 2025, the Energy Commission called for proposals for new gas-fired generation capacity in Peninsular Malaysia through competitive bidding, comprising two categories: (1) an expansion of existing plants and (2) development of new plants.

Barnama
34 minutes ago
- Barnama
RM44.83 Mln Spent On Farm Road Repairs In Sabah, Sarawak From 2022-June 2025- KPK
KUALA LUMPUR, July 25 (Bernama) -- The Ministry of Plantation and Commodities (KPK) has spent RM44.83 million on 131 farm road repair projects in Sabah and Sarawak from 2022 until June 30, 2025. The ministry said that 92 of the projects were carried out in Sabah, involving 164.8 kilometres (km) of farm roads at the cost of RM29.97 million, while 39 road repair projects, covering 90 km of farm roads, were implemented in Sarawak, costing RM14.86 million. 'These projects have benefited oil palm, rubber, cocoa and pepper smallholders in both states,' KPK said in a written reply posted on the Parliament's website yesterday.


The Star
39 minutes ago
- The Star
Cops nab three more suspects in Puchong abduction
SUBANG: Three more suspects have been detained in connection with the abduction of a man in Bukit Puchong. Subang OCPD Asst Comm Wan Azlan Wan Mamat said the suspects, aged 18 to 19, were detained in Hulu Selangor and Puchong on Thursday (July 24). ALSO READ: QuickCheck: Was a man kidnapped after a brawl in Puchong? "We also recovered the victim's clothing and mobile phone. "The suspects will be remanded," he said when contacted on Friday (July 25). It was previously reported that a suspected gang member was arrested in SS19, Subang Jaya, on Tuesday (July 22) just hours after he abducted a man in Puchong. ACP Wan Azlan had said the victim, who was with the 32-year-old suspect, was rescued during the police operation. ALSO READ: Police nab suspect linked to Puchong abduction He said the victim was found to have suffered minor injuries in the incident. ACP Wan Azlan said the suspect, who has a criminal record and a tattoo of an outlawed secret society, had been remanded for four days. 'Preliminary investigation showed that the motive of the abduction is related to debts,' he told reporters. The case is being investigated for abduction and causing hurt. ALSO READ: Debt likely a motive in abduction, say police A video of the incident circulated on social media on Tuesday shows four men pulling off the abduction with a small bonded lorry by a road shoulder in Jalan Persiaran Puchong at about 6.30pm. The victim, who was bundled onto the lorry, attempts to break free but is seen being assaulted repeatedly in the brief clip. ACP Wan Azlan urged anyone with information to contact Insp Dinesh Ganasan at 011-3309 4457 or the Subang Jaya police at 03-7862 7100. The case is being investigated under Section 323 of the Penal Code for voluntarily causing hurt, which carries a jail term of up to one year or a fine of up to RM2,000 upon conviction.