JOHOR BAHRU, Oct 4 — A man claimed to have lost RM124,000 after being deceived into investing in a non-existent investment scheme advertised on social media.

Kota Tinggi district police chief Supt Yusof Othman said the 47-year-old victim, who is a local, lodged a police report yesterday.

He said the victim claimed that the investment scheme using an application known as L-Trader offered lucrative profits reaching millions of ringgit.

"The victim claimed to have the advertisement on Facebook last May and the syndicate’s modus operandi was to give the victim an ID that allowed the victim to monitor the investment return status on the application.

"The victim claimed to have made a profit from an initial investment of RM55,000 and was told to increase the investment to RM124,000 for more profits,” he said in a statement today.

He said the victim realised he had been cheated after failing to withdraw the profit amounting to RM9 million as promised.

The victim claimed to have transferred the money requested in 21 transactions to three different accounts, he said, adding that the case is investigated under Section 420 of the Penal Code.

Yusof reminded the public not to be easily deceived and to check with relevant quarters before making investments that promise lucrative returns in a short period. — Bernama