Doctor duped out of RM300k in fictitious university student card investment scheme

A medical doctor has lost RM300,000 to a fraudulent investment scheme promoting a non-existent student welfare initiative called the Kad Prihatin Siswa project. The victim and her husband met with a suspect in person and through WhatsApp in Lembah Jaya Utara, Ampang Jaya, in early 2023. The suspect claimed the scheme involved 20 universities and 620,000 students, promising lucrative monthly returns of 10%.

Over the course of 2023, the victim transferred money five times, totaling RM300,000, into the suspect's bank account. An investment agreement was signed, promising full capital reimbursement upon contract completion and monthly profits. However, the victim never received any returns and repeatedly asked for explanations, dividends, and the stamped agreement, which the suspect provided with excuses.

The victim reported the fraud to the police, and an investigation is underway under Section 420 of the Penal Code, which covers cheating and dishonestly inducing the delivery of property. If convicted, the suspect faces up to 10 years in prison, caning, and a fine.