Muar man loses nearly RM490,000 in online stock scam promising 500pc returns
Muar police chief ACP Raiz Mukhliz Azman Aziz said the 46-year-old victim, in his report lodged yesterday, claimed that he came across an advertisement for an investment on social media in early May and clicked on a link.
'He was then contacted by an unknown individual via the WhatsApp application and instructed to download an application known as 'PHG PLUS' for investment purposes that promised a lucrative return of up to 50 per cent of the investment amount within a week and 500 per cent within six months.
'Lured by the sweet promise, the victim deposited a total of RM488,740 into six different accounts, involving 39 transactions, from May 21 to July 21, 2025,' he said in a statement today.
Raiz Mukhliz said the victim realised he had been cheated when, upon attempting to withdraw what was claimed to be RM6 million, he was asked to make an additional payment of RM600,000 for supposed income tax purposes.
'Realising it was a scam, the victim lodged a police report, and the case is now being investigated under Section 420 of the Penal Code,' he said. — Bernama
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