ISKANDAR PUTERI, July 5 — A 41-year-old factory worker here suffered losses amounting to RM87,400 after he was allegedly scammed in a non-existent investment scheme that promised profitable returns last month.

Iskandar Puteri police chief Assistant Commissioner Rahmat Ariffin said investigators from the district police’s Commercial Crime Investigation Department (CCID) were alerted to the case after receiving a report from the victim yesterday.

He said initial investigations revealed that the victim, who is in his 40s, was introduced to a stock market investment scheme through a WhatsApp group called "Stock Market Stable Profit Practical Training Camp” on May 4.

"The victim then started investing in the group on June 12. Shortly after, the victim was told that his investment profits had increased by RM180,000.

"Following that, the victim wanted to withdraw all of his investment profits but was instructed to first make a tax payment totalling RM24,000.90.

"After the tax payment was made, the scheme’s administrator failed to contact the victim,” said Rahmat in a statement today.

Rahmat said checks showed that the victim had never personally met the administrator and all communication was done via WhatsApp.

He said the victim became suspicious after he was later removed from the WhatsApp group.

"Realising he had been cheated, the victim lodged a police report yesterday,” he added.

Rahmat said the victim’s total losses amounted to RM87,400, which also included the initial amount invested.

He said the case has been classified under Section 420 of the Penal Code for cheating.

Rahmat also advised the public to be cautious when making any decisions with regards to any investment schemes.

He urged the public to avoid being duped by promises or offers of easy money.

"If in doubt, please refer to the nearest police station or also Bank Negara for advice regarding the investment schemes,” he said.

Of late, many have fallen victim to non-existent investment schemes that promise extremely good returns and are usually offered from social media platforms.

Called money game scams, the syndicates usually lure their victims into these fake schemes using variations of foreign exchange, gold markets or stock markets and commodities investments, with get-rich-quick promises.

The number of such scam victims nationwide has spiked, with new reports surfacing weekly.