Kuala Terengganu: A man lost more than RM100,000 in savings after being scammed by an investment company claiming to offer Islamic shares. Kuala Terengganu police chief ACP Azli Mohd Noor reported that the 57-year-old victim, a former oil rig employee, was introduced to the investment opportunity by a friend on January 29, 2023. The victim subsequently participated in an online information session organized by the company’s sales agent to learn more about the investment offer.

According to BERNAMA News Agency, the company presented various investment packages with profit returns based on the invested capital. The victim opted for a package requiring a capital investment of RM150,000, with a promised profit of 18 percent per annum over three years. The agreement stated that profits would be disbursed every three months, amounting to approximately RM6,700 per quarter over the specified period.

Azli noted that the victim initially received RM40,500 in profit payments, which were distributed in stages as outlined in the agreement. However, as of October 29, 2024, the victim ceased receiving payments and the company provided numerous explanations when contacted for clarification.

The victim eventually lodged a report at 11.14 am yesterday, as the promised profits remained unpaid. The case is currently under investigation under Section 420 of the Penal Code. Police have urged the public to remain vigilant when presented with investment opportunities that guarantee attractive returns.