Business executive loses over RM262,000 to WhatsApp stock investment scam
Seri Alam police chief Assistant Commissioner Mohd Sohaimi Ishak said the 39-year-old woman was enticed by an advertisement promising fast, high returns on stock investments.
The business manager lodged a report on Friday after realising she had been deceived, Berita Harian reported.
Police said the scam began in April, when the victim clicked on a promotional link shared through WhatsApp. She was then instructed to transfer money in stages — supposedly to withdraw her profits — into two separate bank accounts.
"Between April 25 and July 4, the victim carried out 16 transactions totalling RM262,669," Sohaimi said in a statement.
"When the promised returns failed to appear and the suspect's phone number became unreachable, she realised it was a scam."
Checks revealed that one of the bank accounts was listed in Semak Mule, a Malaysian public database that tracks accounts involved in fraudulent activities.
The case is being investigated under Section 420 of the Penal Code for cheating. Police are also examining the possible involvement of 'money mule' accounts, and legal action will be taken against any individuals found complicit.
Authorities have advised the public to remain cautious of schemes promising unusually high financial returns.
"Always verify the legitimacy of investment offers through official channels before making any payments," Sohaimi said.
"If an offer appears suspicious, report it to the authorities without delay."
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