A businessman, who was hoping that his stock investments would pay off, is now in financial ruin after falling victim to an overseas online scam.
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00:00How did you come to know about this platform?
00:02Okay, I received a WhatsApp message showing lucrative investment return on this platform.
00:16So initially, when you register to them, they get an assistant to guide you on what to do.
00:29I started the group since September 2024.
00:33So in between, they teach you about investments, stocks, the graph, the trend, and all that.
00:42Okay, without taking any money.
00:44So in between, in September, they will tell you to buy stocks using your own account from your own platform.
00:58Your own reminder, or your online, like public bank, Maybank, or whatever.
01:06So, they give you a discount.
01:11You just buy using your own funds and your own account and buy.
01:18So, of course, it was also lucrative.
01:22I did make money, but I did not lose money.
01:26So that gave you the confidence after two months?
01:29Yes.
01:30So that's when you initially invested?
01:32$5,000.
01:33$5,000, okay.
01:34And I add on another $5,000.
01:36But you managed to make your profit, it went up by?
01:41By another $2,000 or $3,000.
01:44So I tried to withdraw $7,000 from there. It was successful.
01:48You got the money within?
01:50Within less than one day.
01:53Okay.
01:55So that gave you the confidence?
01:57Yes.
01:58That money came into your account?
02:00Correct, bank account.
02:02So after that, you made a total of how many transactions?
02:06I deposited about 15 to 20 transactions.
02:14Okay. Totalling?
02:16Totalling $1.38 million.
02:20In fact, in December, there was an IPO on A-Shares.
02:26Okay.
02:27A-Shares in China, Shanghai.
02:30So I subscribed to A-Shares.
02:35I got a winning ticket.
02:37So I had to pay.
02:39Initially, it was RM900,000.
02:45So with my previous winning, I add on to my additional investment.
02:53I managed to pay up the RM900,000.
03:01So I sold the thing.
03:07I made about RM2 million.
03:17But I couldn't withdraw.
03:19That was on 17th of December.
03:25Couldn't withdraw.
03:27He said, you have one more IPO.
03:31And the IPO cost RM4 million.
03:39So I have to raise funds to fulfill the subscription for this IPO.
03:47Okay.
03:48The IPO, after listing, it really went up.
03:52The first one, it went up.
03:58That means I put in RM20,000.
04:04The IPO is about RM20,000.
04:07It went up to RM60,000.
04:09The last one, my winning units, my ticket was a big amount.
04:17Okay.
04:20RM2,404.
04:27So I have to pay up RM4 million.
04:32With my balance amount, that amount has to go to paying the subscription.
04:41So the balance amount converted to ringgit, RM800,000.
04:49So I managed to complete the subscription on Monday, 6th of January.
04:56Okay.
04:58This is when the 1.38 million?
05:01Everything in order.
05:03Then, Monday when I completed, Tuesday he asked me to sell the shares.
05:13Which I gave about 80% to 90% profit.
05:19So RM20,000, I sold it at RM34,000.
05:26So the total winning RM7 million after conversion to Malaysian ringgit is RM4.7 million.
05:41Okay.
05:42So I withdraw half of it, RM2.7.
05:47Yesterday?
05:48Yesterday, Tuesday.
05:51But it appears under review.
05:56So I was told by the manager, he says that you have to pay RM660,000 profit sharing.
06:09So I said, since I got winning, can I deduct? He said, cannot.
06:13You have to pay the RM660,000 before this thing will transfer to you.
06:20So I'm afraid that this RM660,000, if I pay, they will freeze my account and they will not release.
06:30They say, yes, I will release, but I'm doubtful.
06:33I did suggest them to, why not you release a portion of RM700,000 to pay your RM600 profit sharing.
06:42So I can, but after that, they are silenced.
06:48And when did you come to know that you started suspecting something was wrong?
06:53When?
06:54You met a friend, is it?
06:55I met a friend to borrow this, to end this, everything, to complete this.
07:04So my friend told me, look, this is a scam.
07:08So what is your advice and what do you hope?
07:11I would advise that anyone who asks you to bank in money, the bank account number,
07:20check with, there's a portal to check the account, whether it's legitimate or not.
07:27The semi-annual, is it?
07:28Yeah, semi-annual, before you do any deposit.
07:32So you were shocked that four accounts that you transferred to had so many police reports?
07:37Yes, two of them have police reports.
07:40So now what do you hope from the police and authorities, like bankers?
07:45To be able to recover this amount of money.
07:49In fact, the last SM, I told you, I don't want your profit, you give me back my deposit.
07:55So they are not?
07:57They are not responding.