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Marketing executive loses RM343,190 to fake investment scheme
🇲🇾 Malaysia /Economy & Trade

Marketing executive loses RM343,190 to fake investment scheme

From Utusan Malaysia · () Malay

Translated from Malay, summarized and contextualized by DistantNews.

At a glance

News Named sources Under investigation
  • A 46-year-old marketing executive lost RM343,190 to a fake investment scheme promising high returns within 24 hours.
  • The victim made 13 transactions to 10 local bank accounts between September last year and April this year.
  • The scheme, advertised via an app, initially showed a profit of RM1,500,000 before the victim's account was blocked when she tried to withdraw funds.

A marketing executive in Kulai has fallen victim to an elaborate investment scam, losing a substantial RM343,190. The 46-year-old woman was lured by an online advertisement promising exceptionally high returns, reportedly up to 30 percent profit within a mere 24 hours.

The scam operated through an application called "Shugoa Investment." Enticed by the unrealistic promises, the victim proceeded to make 13 separate transactions, totaling the significant sum, into 10 different local bank accounts. These transactions occurred over a period spanning from September of the previous year to April of the current year.

Initially, the victim was reportedly thrilled as the investment app displayed a fabricated profit of RM1,500,000 through notifications. However, her excitement turned to shock and distress when she attempted to withdraw her supposed earnings, only to find her account blocked. The police are investigating the case under Section 420 of the Penal Code, which deals with cheating and fraud.

DistantNews Editorial

Originally published by Utusan Malaysia in Malay. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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