This article highlights the rising issue of investment scams, focusing on a personal story of a medical professional who was deceived by a former schoolmate. The article details the modus operandi of the scammer, who lured the victim with promises of lucrative returns and then disappeared after collecting substantial sums of money. It also touches upon another case involving a married couple who allegedly defrauded over 100 investors.
Stories of victims being scammed of their savings through bogus investments are widespread. Chances are, you would have known a friend or family member who had been swindled; perhaps, you might have even been scammed yourself. For medical professional Chan (not his real name), he felt the sting even more because he was duped by someone he thought was a friend.
It started with a former schoolmate reaching out on Facebook with plans of starting an investment business sometime around 2020 and 2021. The guy painted an enticing picture that included Chan’s other friends. “He then asked if I was interested in trying him out (for the investment). He also said he was doing the same with other schoolmates,” Chan related. “I thought there was no harm in trying, so I invested what amounted to A$7,000 (RM19,340) at the time. Things seemed legitimate, and he would give me quarterly updates on the shares he bought in my name,” he said. “He did ask me to transfer the money to some random person’s account for the initial investment, which I thought was odd. He then asked if I wanted to put in more money as he had a good tip that some share was going to rocket. So I put another A$7,000 in. “After that transaction, he pretty much ‘ghosted’ me. He did not answer my messages or calls,” he added. Such stories are nothing new in the media and are in fact being reported with increasing regularity. One such case showed over 100 investors with combined losses of RM2.4mil after being allegedly cheated by a married couple. Victims told the media of their plight at a press conference arranged by MCA Public Services and Complaints Department head Datuk Seri Michael Chong at Wisma MCA in Kuala Lumpur previously.“The husband and wife were directors of the company. The wife was also my collegemate. “They approached me in July 2021 about investing in their company, with the ultimate goal of establishing dental clinics around the country. “Impressed by their pitch and trusting my old college friend, I decided to invest in the company, hoping for decent returns,” he said.
INVESTMENT SCAMS BOGUS INVESTMENTS FRAUD FINANCIAL CRIME VICTIMIZATION
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Singapore Court Jails Duo for US$10 Million Bogus Investment SchemeTwo Malaysian men, Leong Koon Wah and Ng Kuan Chuan, were sentenced to lengthy prison terms for running a fraudulent investment scheme that defrauded over 2,000 investors worldwide of over US$10 million.
Read more »
Daycare Assistant Pleads Not Guilty to Cheating Charges Over RM1.6 Million in Non-Existent InvestmentsRozma Yunus, a 56-year-old daycare assistant, denied the charges of defrauding two individuals of over RM1.6 million through bogus investment schemes between 2017 and 2022.
Read more »
Najib's 1MDB trial: Saudi letters are 'bogus', prosecution claimsLONDON (Reuters) - Apple has abused its dominant position by charging app developers an unfair 30% commission through its App Store, costing British consumers up to 1.5 billion pounds ($1.8 billion), a London tribunal heard on Monday.
Read more »
Viral Video: Students Celebrate Friend Studying Abroad at KLIAA heartwarming video showcases a group of Malaysian students bidding farewell to their friend at KLIA, singing a popular song as they surround him.
Read more »
Bangladeshi Man Arrested for Alleged Bribery Attempt to Free Friend Detained for TheftA Bangladeshi man in his 30s was arrested by the Malaysian Anti-Corruption Commission (MACC) for allegedly attempting to bribe a police officer with RM4,000 to release his friend who was detained for theft.
Read more »
Anwar Ibrahim calls Indonesian President Prabowo Subianto a 'loyal' friendMalaysian Prime Minister Anwar Ibrahim lauded Indonesian President Prabowo Subianto as a 'loyal' friend who has stood by him through thick and thin. Speaking at a joint press conference, Anwar acknowledged Prabowo's sincerity despite drawing 'discomfort and anger' from certain circles. Meanwhile, Prabowo expressed gratitude for the Malaysian King's honor and the invitation to Malaysia, emphasizing the strong historical and cultural ties between the two nations.
Read more »