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A PRIVATE doctor lost RM3.8 million after being duped by a Chinese and Hong Kong currency initial public offering (IPO) investment fraud syndicate.
Head of the Kedah Commercial Crime Investigation Department, Superintendent Syamsyul Anuar Saad, said that the 60-year-old victim on August 26 last year saw an investment advertisement for a company on Facebook that promised a 50 per cent profit within two weeks after the capital was invested.
"The complainant then dealt with a woman and was added to the company's WhatsApp group.
“Members of the group convinced the complainant about the investment that supposedly could yield high profits,” he said in a statement today.
He said the victim then transferred RM3,805,010 through 49 transactions to nine different bank accounts between November 4 last year and February 4.
“The victim only realised he had been cheated when he failed to receive any returns before lodging a police report at 9.30 pm yesterday,” he said.
Syamsyul Anuar advised the public to be careful with any investments offered online and to ensure that the investments they wanted to participate in had the approval of Bank Negara Malaysia. – March 6, 2026