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A FINANCIAL analyst has reportedly lost RM147,350 of his savings after falling victim to a sophisticated investment scam promoted through a fake stock trading platform.
According to Kuala Terengganu police chief ACP Azli Mohd Noor, the 42-year-old victim came across a stock investment advertisement on Instagram in February. Upon clicking the link, he was added to a WhatsApp group of 125 members who appeared to be actively discussing market trends.
“One of the group members claimed to be an employee of a securities and investment firm based in China,” Azli said in a statement on Saturday.
The suspect convinced the victim to invest through a platform known as HTGIC, but required funds to be transferred in advance to several company bank accounts as part of the trading process.
“The suspect assured the victim that he would be able to monitor all transaction records through the platform and manage the funds independently for stock purchases and sales,” he added.
The victim made 13 separate transactions totalling RM147,350 into five different bank accounts. In addition to using his own savings, he also borrowed money from his mother and diverted funds from his workplace to support the alleged investment.
Azli confirmed that the victim filed a police report at 7.36pm on Friday after failing to receive any returns and realising the investment was fraudulent.
The case is now under investigation under Section 420 of the Penal Code for cheating.
Authorities have once again urged the public to exercise caution when engaging with investment opportunities found on social media, and to verify the legitimacy of platforms and entities before committing funds. - May 24, 2025
