Kuala terengganu: A company director lost RM2.95 million after falling victim to an online investment scam last year.

According to BERNAMA News Agency, Kuala Terengganu police chief ACP Azli Mohd Noor stated that the 66-year-old man was approached in May last year by a friend he knew through social media. This acquaintance offered him an opportunity to participate in a business investment scheme, promising enticing returns.

The victim was assured of returns between 10 and 25 percent on his investment capital and was instructed to register for the scheme via a website link provided by the suspect.

'The victim, from Tok Jembal, was also instructed to download an application purportedly to enable the investment profits to be credited to his account,' added Azli. Attracted by the promised high returns, the victim transferred a total of RM2.95 million in 18 transactions to an account provided by the suspect between June 10 and November 7 last year.

Azli explained that the victim realized he had been scammed when attempts to transfer funds from the application to his bank account failed.

The victim subsequently lodged a police report at 11.06 am last Saturday. The case is currently being investigated under Section 420 of the Penal Code.