Woman loses RM240,000 to elaborate online investment scam

SIBU: A woman in her early 50s, employed as a company clerk, fell prey to an elaborate online investment scam.

Sarawak Police Commissioner Datuk Mancha Ata said the victim incurred substantial losses, totaling approximately RM240,000, after being lured into a deceitful investment scheme using the FTSE VIP phone application.

The perpetrator, identified as ‘Chow Yin Mei,’ allegedly exploited the victim’s trust via WhatsApp where the victim received messages from the suspect promoting stock investments with promises of substantial returns.

Chow reportedly convinced the victim to engage in the scheme, promising potential profits ranging from 200 to 350 percent, depending on the investment package chosen.

“Having received the messages in late November 2023, the victim proceeded to download and use the FTSE VIP app as instructed by the suspect.

“Over the course of the following month, the victim initiated a total of 15 online transactions, transferring funds amounting to approximately RM240,000 to three different bank accounts under the name of various companies.

“The realisation of being scammed dawned upon the victim when the promised returns failed to materialise. Acting promptly, the victim reported the incident to the police,seeking further investigation into the matter,” he said.

The Royal Malaysia Police (PDRM) confirmed that the case is under investigation pursuant to Section 420 of the law, which deals with dishonestly inducing the delivery of property.

If found guilty, the suspect could face imprisonment for a period not less than one year and not more than ten years, along with possible fines.