Insurance manager loses almost RM700,000 after being duped by fake investment scheme

JOHOR BARU: An insurance manager lost almost RM700,000 after allegedly being scammed into a bogus digital currency investment scheme.

Johor police commercial crime chief Asst Comm Amran Md Jusin said a report had been lodged by the 38-year-old female victim in Muar on Tuesday (May 31).

“The victim claims to have been cheated through a digital currency investment scheme which promised lucrative returns in a short period of time using an application known as ‘coinbase’.

“The victim was introduced to the scheme after communicating with an individual she met through Instagram and WhatsApp in the middle of last month,” he said in a statement here Thursday (June 2).

ACP Amran added that the victim was attracted by the promise of good financial returns and followed the instructions given by the individuals to deposit money amounting to RM688,500 to 10 different bank accounts through 19 transactions between May 20 and 31.

He said the victim only realised she had been cheated after not receiving any profits promised to her while the suspect could not be contacted.

ACP Amran confirmed investigations were underway using the application reported by the victim as well as the bank accounts used to cheat her.

“Initial investigations found six out of the 10 bank accounts used by the suspect have been used in other commercial crime cases reported in Johor and other states,” he said.

He reminded the public to always be vigilant and not be gullible in believing such an investment scheme that promises returns in a short period of time.