JOHOR BARU, Dec 14 — Lured by promises of a 40 per cent profit in just 10 minutes, a remisier lost RM1.59 million to an online stock investment scam promoted on social media.

As reported by Sinar Harian, Johor police chief, Datuk M Kumar, said the 69-year-old victim fell prey after spotting a social media advertisement touting high-return stock investments.

"Drawn to the advertisement, the victim clicked on the link provided to obtain more information. He was offered profits of up to 40 per cent on the amount invested, achievable in just 10 minutes,” he was quoted as saying.

According to Kumar, the victim transferred RM1.63 million into several bank accounts as instructed by the perpetrator between November and early December.

Additionally, the victim followed the perpetrator’s instructions to download a specified application and register an account to monitor his investments.

"After making the payments, the victim checked his investment status on the app, which showed profits. However, when he attempted to withdraw the returns, he only received RM44,200.

"The victim’s access to the app was then blocked, and the perpetrator became unreachable,” Kumar told the daily.

Realising he had been scammed, the victim lodged a police report, citing losses amounting to RM1.59 million. The case is being investigated under Section 420 of the Penal Code for cheating.

Johor police urged the public to exercise greater caution and avoid being easily deceived by online and social media investment offers that promise exorbitant returns.