Latest news with #RM1.7mil
The Star
7 days ago
- Business
- The Star
RM1.7mil profit promise ends in loss
Too good to be true: Chan (left) showing the mobile app on his phone that was used to track his investments during a press conference held by Yuen (right). IPOH: Believing that his 'investments' in shares had earned him RM1.7mil, a factory owner ended up RM210,000 poorer instead. Just wanting to be known as Chan, the 47-year-old said he came across a social media advertisement about investing in shares and clicked on the post. He said the link led him to a WhatsApp chat channel where he started communicating with a woman who claimed to be named Linda. 'She offered me several company share schemes and I started one with RM10,000,' Chan said at a press conference held by Perak MCA public services and complaints bureau chief Charles Yuen here yesterday. Chan said he did an online search of the firms and found that they were listed as private limited companies. 'As I was required to pay more to access the company profile, I decided to just invest in it,' he added. Chan made about RM50,000 at the initial stage and decided to invest more. He said he was asked to download a mobile app called CDT Citi to keep track of his investments. 'The app provided simple explanations on how to invest, which made it even more convincing,' he said. In May, Chan was notified that his investments had returned a profit of RM1.7mil and that he could withdraw the money. 'To do so, I was required to pay commissions and some taxes. After paying about RM29,000, I was still unable to withdraw the money,' he said, adding that he lodged a police report on July 13. Chan finally realised he had been conned when he was instructed to pay more. 'I urge people to be careful and not trust any investment scheme on social media. If there are victims like me, I hope they will go to the police,' he added. Yuen said the police should investigate the companies first, which could provide more leads. 'I think it will be difficult to track down this so-called Linda. The police should check the companies to see if they are genuine or proxies used by scammers.'
The Star
23-07-2025
- Business
- The Star
Factory owner cheated of RM210,000 in online share investment scam
IPOH: A factory owner here lost about RM210,000 after falling victim to an online share investment scam. Only wanting to be known as Chan, the 47-year-old said he had initially wanted to try investing in shares and saw an advertisement on Facebook, clicking on the link on March 26. "The link led me to a WhatsApp chat channel where I was contacted by someone called Linda. "She offered me several company share schemes and I started one with RM10,000," he said in a press conference held by Perak MCA public services and complaints bureau chief Charles Yuen here on Wednesday (July 23). "I would get some returns, and started to trust the schemes and invested in more. "I was also asked to download a mobile app called CDT Citi, which allows me to keep track of my investments," he added. Chan said he had googled the names of the companies he wanted to invest in and thought they were real entities. "I did find the names and they seemed to be private limited companies. "As I was required to pay more to access the company profile, I didn't continue and decided to just invest in it," he said. Chan said in May, he was informed that his investment had returned about RM1.7mil in profits and could withdraw the money. "To do so, I would be required to pay commissions and some taxes. "After paying about RM29,000, I was still unable to withdraw the money," he said, adding that a report was lodged at the Sungai Senam police station here on July 13. "I was told to pay more and it was then I realised I had been cheated," he added. Chan said he hopes that the police would act promptly and investigate the matter. "I urge the people to be careful and not to trust any investment schemes on social media platforms. "If there are similar incidents, I hope the victims will go to the police so they can have more data to investigate and take actions," he said. Yuen said he hopes the police would investigate the companies first, which could provide more lead to the case. "I think it will be difficult to track down this 'Linda' person. "The police could check the companies, to see if they are real entities or proxies used by scammers. "At least the police could shed some light to the complainant whether such companies are real or not. "I will continue to follow up on the matter with the police," he added.
The Star
13-07-2025
- Sport
- The Star
Bangsa Johor Games athletes get free tickets to watch final match for Piala Sumbangsih
MUAR: The Johor government will provide free tickets to watch the final match for the 2025-2026 Piala Sumbangsih between the Johor Darul Ta'zim (JDT) and Selangor teams for athletes competing in the 2025 Bangsa Johor Games. Johor Menteri Besar Datuk Onn Hafiz Ghazi ( pic ) said the tickets will be given to the Bangsa Johor Games athletes for their contribution in making the games a success. He said the athletes concerned could get the tickets for the match, to be held at the Sultan Ibrahim Stadium (SSI) on Aug 8, from their respective assemblyman. "I hope the Bangsa Johor Games athletes will be able to spare some time on Aug 8 to come and fill up SSI to watch the match between JDT and Selangor for the Piala Sumbangsih," he said when opening the two-day Bangsa Johor Games at the Tunku Mahkota Ismail Youth Centre here on Saturday (July 12) night. Also present was State Youth, Sports, Entrepreneur Development and Cooperatives Committee chairman Mohd Hairi Mad Shah. Onn Hafiz said that the Bangsa Johor Games Games, which began last year as an annual event, was an initiative by the Regent of Johor, Tunku Mahkota Ismail, to encourage the people of Johor, especially the youth, to engage in meaningful activities and strengthen the spirit of unity. "The Regent of Johor wants the young people to progress, fill their time with beneficial activities, be educated and get good jobs,' he said, adding that the state government had allocated more than RM1.7mil for the sports meet. Meanwhile, Mohd Hairi, in his speech, said that the Bangsa Johor Games was organised as a platform to discover new sports talents among young people, providing them the opportunity to be nurtured and developed towards becoming a major force in the sporting arena. - Bernama
The Star
08-07-2025
- The Star
Senior citizen loses RM1.7mil to investment scam promising high returns
BATU PAHAT: A senior citizen lost RM1.7mil after falling victim to an online investment scam that promised lucrative returns. Batu Pahat OCPD Shahrulanuar Mushaddat Abdullah Sani said the 67-year-old man first came across the investment advertisement on social media in December last year (2024). Drawn by the advertisement, the retiree contacted an individual through WhatsApp to obtain more information. "The victim was promised a 50% return from the investment within three months. Believing the offer, the victim made several investments between April and July this year. "In addition to transferring RM1.7mil to several accounts as instructed by the suspect, the victim also downloaded an application and registered an account to monitor the investment," he said in a statement on Tuesday (July 8). Shahrulanuar Mushaddat stated that, according to the victim, the investment account had shown a profit of RM2mil. However, when he attempted to withdraw the money, the victim was told to make additional payments, which he refused to do. "At the time the report was filed yesterday (July 7), the victim had not received any returns. The suspect could not be contacted, and access to the investment account has been blocked," said ACP Shahrulanuar Mushaddat, adding that the case is being investigated under Section 420 of the Penal Code for cheating. – Bernama
The Star
17-06-2025
- The Star
Company manager loses over RM1.7mil to investment scam
JOHOR BARU: A 67-year-old company manager has lost more than RM1.7mil to a bogus online investment promising daily returns of up to 10%. Johor police chief Comm Datuk M. Kumar said the victim came across the scheme in April. "His mobile phone number was added to a WhatsApp group named 'C-10 Freeman Saham 17'. 'The group promoted a stock investment scheme that claimed to offer daily returns of 5% to 10%, based on market performance. "Enticed by the promise of high profits, the man began making fund transgers,' he said here on Tuesday (June 17). Comm Kumar added that from April 16 to May 30, the victim made 12 bank transfers totalling over RM1.7mil to five bank accounts believed to be controlled by a syndicate. 'However, the victim did not receive any of the promised returns. Instead, he was told to pay another RM500,000 to 'unlock' his earnings. 'The repeated requests for more payments raised the victim's suspicions. He eventually realised it was a scam and filed a police report on Thursday (June 12),' he said. Comm Kumar added that the case was being investigated under Section 420 of the Penal Code for cheating. He reminded the public to be cautious and not fall for investment offers found on social media, especially those that promise quick and guaranteed profits. 'Verify the legitimacy of investment opportunities with the relevant authorities such as Bank Negara Malaysia, the Securities Commission, or the police before making any financial transactions,' he said. Comm Kumar also urged the public to use the "Semak Mule" service, which allows users to check if a bank account or phone number has been linked to scams before proceeding with any payments. He said increased public awareness of commercial crime trends was vital to avoid falling victim. 'Stay informed about the latest scam tactics by following the official social media accounts of the police Commercial Crime Investigation Department on Facebook, Instagram and TikTok,' he added. He urged the public to take responsibility for staying alert and informed, as scammers are constantly revising their tactics.
