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By DayakDaily Team
KUCHING, May 5: A 55-year-old local man has lost RM411,000 after falling victim to a non-existent online share investment scheme promoted through social media.
Kuching District Police Chief ACP Alexson Naga Chabu said the victim was initially exposed to the investment advertisement on TikTok while in Jeddah, Saudi Arabia, in February 2026.
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“He then contacted the suspect via WhatsApp and was gradually convinced to participate in the scheme, making 17 separate fund transfers into five different bank accounts between March 5 and April 15, 2026.
“The total amount transferred was RM660,000, although the victim only received RM249,000 in supposed ‘returns’, before realising he had been deceived when he was later asked to invest an additional RM2 million to purchase initial public offering (IPO) shares to expand his investment portfolio,” he said in a statement yesterday (May 4).
Preliminary checks revealed that one of the suspect’s accounts was linked to a bank account opened at OCBC Bank Padungan Branch.
Alexson confirmed that investigations are being carried out under Section 420 of the Penal Code for cheating, which carries imprisonment of not less than one year and up to 10 years, along with whipping and a fine upon conviction.
Authorities have reminded the public to remain vigilant against investment schemes promoted on social media and to conduct proper verification before transferring any funds.
They also urged the public to check investment schemes and unlicensed entities through Bank Negara Malaysia (www.bnm.gov.my or BNM Telelink 1-300-88-5465) and the Securities Commission Malaysia (www.sc.com.my or 03-62048999). — DayakDaily
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