SEREMBAN, Aug 3 ― Two women reported losses of over RM1 million due to non-existent investments that falsely promised high profits, subsequent to their involvement with fake investment companies in March 2023 and June 2020.

Negeri Sembilan police chief Datuk Ahmad Dzaffir Mohd Yussof said they received a report two days ago from a 44-year-old woman who claimed to have seen a TikTok account offering gold investments in March.

"The interested victim messaged the account holder, who informed her about the investment's substantial returns in US Dollars. Later, she deposited RM621,800 into a single bank account through 27 transactions.

"The victim claimed to receive only RM20,000 and no additional profits after that,” Ahmad Dzaffir said in a statement today.

Meanwhile, he said the second victim involved a 63-year-old woman who was introduced to an investment company based in Kuala Lumpur by her sibling in June 2020.

Ahmad Dzaffir said the victim was promised profits of between 15 and 17 per cent over three years, leading the woman to pay a total of RM500,000 within six months since July 3, 2020.

"The victim claimed to receive RM6,250 in profits, but she later realised that the company had closed and stopped delivering the promised profits,” he added.

The case is being investigated under Section 420 of the Penal Code. Ahmad Dzaffir advised the public to be cautious about high-profit investments and suggested verifying the companies' registration with the Securities Commission or Bank Negara Malaysia. ― Bernama