Unemployed man loses over half a million life savings to online shoe investment scam
SERI ALAM: An unemployed 56-year-old man lost his life savings of RM516,341 after falling for an online investment scam promising daily returns of up to 60 per cent from a shoe business.
A 56-year-old unemployed man in Seri Alam lost RM516,341, his life savings, to an online investment scam promising high returns from a shoe business, according to police.
The victim was deceived by claims that investors could earn daily returns of 30 to 60 percent through significant investments over a short period, Assistant Commissioner Mohd Sohaimi Ishak reported.
Between July 3 and August 14, the victim made 24 transactions to 24 different bank accounts, totaling the full amount of his savings, Sohaimi said.
He was then instructed to make additional payments to withdraw his supposed profits. However, no returns materialised, leading the victim to lodge a police report.
The case is being investigated under Section 420 of the Penal Code for cheating, which includes up to 10 years in prison, whipping, and a fine upon conviction.
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