Hardware Company Director Loses Over RM800,000 To Online Investment Scam

KLUANG, July 13 (Bernama) -- A trader and director of a hardware company lost RM829,705 after falling victim to an online investment scam.

Kluang police chief ACP Bahrin Mohd Noh said the 56-year-old man came across an investment advertisement promising high returns on social media in March. 

After contacting the so-called investment 'agent', the victim was instructed to download an app called ‘PHV View’ to participate.

“Between June 5 and July 9, he transferred RM829,705 in stages to five different bank accounts for the supposed return of RM4,669,065.25 shown on the app,” he said in a statement today.

However, the man was then told he had to make further payments to withdraw the profits.

Realising he had been scammed, the victim lodged a police report on July 10 at the Kluang Police Station. The case is being investigated under Section 420 of the Penal Code for cheating.

-- BERNAMA