Mukah gov’t retiree loses RM914,209 in fake AI investment platform

File photo for illustration purposes only. Source: Yurii Klymko/Getty Images via Canva

By DayakDaily Team

MUKAH, July 1: A 56-year-old government retiree has lost a staggering RM914,209 after falling prey to an elaborate online investment scam.

Mukah District Police chief DSP Muhamad Rizal Alias said the victim filed a report at the Mukah District Police Headquarters yesterday (June 30).

He said the scam began on Dec 22, 2025, when the victim came across an investment advertisement on Facebook promoted by a company calling itself ‘Arctic Tern Advisory’.

“Intrigued, the victim contacted an individual who identified himself as ‘Kamil’ and was subsequently added to a WhatsApp group managed by several other individuals claiming to represent the investment firm.

“The victim was persuaded to participate in an investment scheme through a platform named “Setia Capital Trading,” with an initial capital of just RM300,” he said in a statement today.

According to the report, the suspects claimed that the investment was managed through an aritificial intelligence (AI) auto-trading system capable of generating high returns in a short period.

To gain the victim’s trust, they even fabricated investment gains, showing alleged profits that had grown to RM87,124.

However, before the victim could withdraw these purported gains, he was required to make numerous additional payments for processing fees, including redemption fees, bank security protection, and account upgrade limits.

The suspects also assured the victim that all payments would be returned together with the investment profits.

Blinded by the promise of substantial returns, the victim made a total of 88 transactions between Dec 22, 2025, and March 6, 2026, transferring funds into 32 different individual accounts across six different banks, amounting to RM914,209 in total.

The victim finally realised he had been deceived when no returns, neither profits nor capital, were ever credited to his account.

Muhamad Rizal said the case is being investigated under Section 420 of the Penal Code for cheating.

He reminded the public to be cautious of investment offers circulating on social media, especially those promising unusually high or guaranteed returns.

He urged potential investors to conduct thorough research and verify the legitimacy of any investment company by checking the list of unauthorised companies and websites on Bank Negara Malaysia’s official website at www.bnm.gov.my or by calling BNM Telelink at 1-300-88-5465. The public can also refer to the Securities Commission Malaysia at www.sc.com.my or contact their hotline at 03-62048999. — DayakDaily