Kuching: A 79-year-old man here lost RM9.082 million after falling victim to a fake share and initial public offering (IPO) investment scheme through a mobile application known as 'TBGIA'. Kuching police chief ACP Alexson Naga Chabu said the police received a report about the online scam that occurred on Jalan Pending.

According to BERNAMA News Agency, the suspect contacted the victim in January 2026 and offered high returns from the investment. Enticed by the promise of high returns, the victim made 27 online money transfers into nine different bank accounts, totaling RM9.082 million.

However, the victim only received a one-time return of RM1,000. He realized he had been cheated after failing to withdraw his capital and the profits displayed in the application. Alexson added that the case is being investigated under Section 420 of the Penal Code for cheating.