Seri Alam: An engineer reported losing RM571,100 after being deceived twice by fraudulent stock investment syndicates communicated via WhatsApp.

According to BERNAMA News Agency, Seri Alam Deputy Police Chief Supt Victor Genason stated that the 44-year-old engineer first encountered the scam on November 30 of last year. He received a message from a purported representative of the investment group, Nuveen Financial Community, which claimed to offer educational services related to investments.

The engineer was enticed by promises of high returns in a short period and ended up conducting 23 transactions to nine different bank accounts, totaling RM469,100, between January 22 and April 3. However, when additional payments were requested to release the investment profits, the victim found himself unable to withdraw any returns.

On December 10, the engineer was approached again through the same messaging app by a representative of ‘PJT Partner Shock Academy,’ which also offered investment education with assurances of quick high returns. Trusting this offer, he conducted nine transactions to four different accounts, losing an additional RM125,000 between January 9 and March 28 of this year.

Despite the promises, the victim did not receive any profits and was continuously asked for more payments to claim the supposed returns. Realizing he had been scammed, he reported the incidents to the Seri Alam District Police Headquarters on April 8.

Supt Victor Genason disclosed that the engineer had transferred RM469,100 and only received RM23,000 back from the first scam, while the second scam involved RM125,000 in losses. The cumulative financial damage amounted to RM571,100.

Preliminary investigations using the Semak Mule CCID platform revealed that seven out of the 13 accounts involved in the scams have been linked to 44 police reports concerning investment fraud cases.