Former principal loses over RM1.1mil to investment scammers
PEKAN: A former principal of a school in Kuantan, near here, lost more than RM1.1 million after he allegedly fell victim to a non-existent investment scheme.
PEKAN: A 65-year-old former school principal in Kuantan has lost more than RM1.1 million to an alleged investment scam. The victim reportedly made 22 transactions between August 21 and October 7, all conducted online and at various bank counters in Pekan and Kuantan. He used his savings, sold land, and took out loans to invest in the fraudulent scheme.
The victim discovered the deception after the promised profits failed to materialize. Acting Pahang police chief Datuk Azry Akmar Ayob stated that the case is being investigated under Section 420 of the Penal Code for cheating. The senior citizen had encountered the investment advertisement on TikTok under the account Network 1 Agency Sdn Bhd.
He then communicated with a person claiming to be an agent through WhatsApp, who provided an explanation of the investment and an analysis of the financial market. The victim agreed to participate in the scheme and was directed to transfer money into six separate bank accounts. The senior citizen was also asked to make additional payments for various unexplained reasons.
Despite this, he did not receive any of the profits as promised and reported the incident to the Pekan police.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
