A 65-year-old man in Johor lost RM668,800 after being lured by a fake investment app promising 10-20% profits in 24 hours.
JOHOR BAHRU: A 65-year-old man has lost RM668,800 to a syndicate promoting a non-existent share investment scheme.
Kulai police chief ACP Tan Seng Lee said the victim lodged a report yesterday after being deceived by an offer on a mobile app called JBS Shop.
The application promised investment returns of between 10% and 20% within a 24-hour period.
Lured by the high returns, the victim made 25 payment transactions into 17 different local bank accounts between 28 November 2025 and 6 January 2026.
The victim later checked the application and found it showed purported profits of USD102,303.64, approximately RM415,000.
His attempt to withdraw the funds was blocked, prompting him to realise he had been cheated.
Police are investigating the case under Section 420 of the Penal Code for cheating.
Authorities urge the public to remain vigilant against investment schemes offering high returns in short periods.
