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A LOCAL trader’s aspiration to earn RM200,000 in stock investment returns ended in financial loss after he was defrauded of RM100,900 by a customer from Indonesia, the Kuala Terengganu Police Department reported.
Assistant Commissioner Azli Mohd Noor, District Police Chief of Kuala Terengganu, said the 35-year-old victim lodged a police report at the Kuala Terengganu Police Station at 6.07pm yesterday.
According to Azli, on December 16 at 4.45pm, the victim was at his workplace in Bukit Kecil when an Indonesian client sent images via WhatsApp showing online stock trading results and purported income statements.
“The acquaintance then invited the victim to become a partner in the stock investment scheme.
“Starting from 17 December, the victim participated in the stock investment, during which the individual guided him on how to make transactions.
“The victim then conducted 15 transactions between 17 December and 24 January, supposedly as initial investment capital,” he said.
Realising he had been deceived when the promised RM200,000 profit failed to materialise, the victim went to the police to report the matter.
“The incident resulted in a loss of RM100,900. The case is being investigated under Section 420 of the Penal Code,” Azli said, adding that the victim’s funds came from personal savings, proceeds from the sale of five motorcycles, and loans from friends and close relatives.
Authorities are continuing to investigate the case, warning the public to exercise caution when engaging in online investment schemes. - February 15, 2025