Kuching businessman loses RM1.7 mln in alleged online investment scam

KUCHING (Feb 10): A businessman here has reportedly lost over RM1.7 million in an alleged online investment scam.

Sarawak United People’s Party (SUPP) Public Complaint Bureau chairman Milton Foo said the scammer posed as a legitimate online stock platform on Facebook on Oct 2025, luring the victim before sending a fraudulent link via WhatsApp, bypassing the authentic platform.

“The scammer obviously pretended to be a legitimate online stock platform to advertise on Facebook, and then sent an independent link via WhatsApp instead of conducting online transactions through the legitimate platform,” he said.

The 45-year-old businessman then lodged a police report on Feb 3, 2026, after realising he had been defrauded, he added.

Foo said the victim made 26 deposits between November 2025 and January 2026, communicating with the scammers through 11 different mobile numbers. The scheme involved paying 10 per cent of net profits as commission to the administrator, who falsely claimed to have remitted taxes to the Inland Revenue Board (LHDN) on the victim’s behalf.

The victim later discovered that the administrators and customer service representatives had deliberately delayed payment of investment returns. Eventually, the mobile numbers and chat group used for the scam were deactivated.

Foo urged the police to investigate the companies in Peninsular Malaysia that reportedly received the funds and to take legal action against their directors and owners.

He also warned the public to exercise caution with online investments and avoid schemes promising unusually high returns.