KUALA TERENGGANU, April 29 — A former oil rig worker lost more than RM100,000 of his savings after falling victim to an investment scam involving a company that claimed to offer Islamic share packages.
KUALA TERENGGANU, April 29 — A former oil rig worker lost more than RM100,000 of his savings after falling victim to an investment scam involving a company that claimed to offer Islamic share packages.
Kuala Terengganu police chief ACP Azli Mohd Noor said the 57-year-old man was introduced to the scheme by a friend on January 29, 2023, and later joined an online briefing conducted by the company’s sales agent to learn more.
"The victim said the company offered various investment packages, with promised returns based on the capital invested,” Azli said in a statement today.
He added that the victim opted for a package requiring a RM150,000 investment, which promised an 18 per cent annual return over three years. As per the agreement, profits of about RM6,700 were to be paid every three months.
The victim reportedly received RM40,500 in profits in stages, as outlined in the contract. However, since October 29, 2024, no further payments were made, and the company offered various excuses when questioned.
As of 11.14am yesterday, when the police report was lodged, the victim had yet to receive the remaining returns. The case is now being investigated under Section 420 of the Penal Code for cheating.
Police are urging the public to be cautious of investment opportunities that promise unusually high returns. — Bernama
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