Investment scam: Man loses RM11,300

Seduced by promises of lucrative short-term gains on Telegram, an unnamed man fell victim to a scam.

He took out a loan for investment purposes but his investment venture left him RM11,300 poorer.

The victim claimed he reached out to the relevant individual after seeing an investment ad put up by Trade Master Partner on Telegram, China Press reported.

The victim revealed that he was told the returns of the investment could be obtained within a short span of 3 to 4 hours.

Believing it to be true, he borrowed from a loan company and followed the other party’s instructions to make five consecutive transfers to designated bank accounts.

However, he never received any returns for his efforts.

Upon learning how the man easily trusted the short-term high-return investment plan, his family warned him that he might have fallen victim to a scam and urged him to report to the police and investigate.

At that moment, he realised that he screwed up.

The case is being investigated by police under Section 420 of the Penal Code for fraud.