Insurance agent loses RM100,000 to investment scam

Photo for illustration purposes only.

KUALA LUMPUR – An insurance agent has lodged a police report claiming that he and some friends lost RM550,000 to an investment scam after investing in a recycling company in Selangor.

Bukit Aman Commercial Crime Investigation Department Director Datuk Seri Ramli Mohamed Yoosuf, when contacted by Bernama, said the complainant, by the name of Pang Kong Fe, 49, claimed that he and some friends had invested in the recycling company.

Pang claimed he invested in the company because of the lucrative dividends promised and that the shares would be listed on a leading stock market, Nasdaq in the United States, he said when contacted by Bernama.

Ramli said the complainant began to feel suspicious and lodged a police report after feeling that he had been cheated when his request for the share certificates could not be provided by the company concerned.

Pang, who claimed to have invested in the company in early 2022, suffered a loss of about RM100,000.

Ramli said police were investigating the case under Section 58(1) of the Capital Markets and Services Act 2007.

He advised the public to always be wary when dealing with dubious investment offers and to check with the relevant authorities for verification.

Meanwhile, Malaysian International Humanitarian Organisation Secretary-General Datuk Hishamuddin Hashim said 26 individuals who claimed to be victims of the investment scam had lodged police reports. – BERNAMA