How did a Kuching retiree lose RM9 million in an IPO scam?

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A Kuching Retiree Lost RM9.08 Million in an Alleged Online IPO Scam

A 79-year-old retiree in Kuching has lost RM9.08 million after falling victim to a fraudulent online investment scheme that promised substantial returns on non-existent share investments and initial public offerings (IPOs). The victim was persuaded by a suspect, whom he met around January, to participate in the scheme, leading him to make 27 separate transactions into nine different bank accounts provided by the suspect.
Introduction to the Suspect and Scheme

The incident began around January when the victim became acquainted with the suspect, who subsequently introduced him to an investment opportunity. This purported scheme focused on share investments and IPOs, with promises of significant profits in a short timeframe. The suspect's presentation convinced the retiree to engage with the supposed investment.
Multiple Transactions and Substantial Losses

Following his agreement to invest, the victim transferred a total of RM9,082,000 across 27 separate transactions. These funds were directed into nine different bank accounts as specified by the suspect. The significant sum transferred highlights the extent to which the victim was persuaded by the investment's purported potential.
Minimal Returns and Realisation of Deception

Despite the substantial amounts transferred, the victim only received RM1,000 back as returns from the investment. The retiree only came to the realisation that he had been deceived when his attempts to withdraw his initial investment and the promised profits were unsuccessful. The case is currently under investigation by the Commercial Crime Investigation Division.

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How did a Kuching retiree lose RM9 million in an IPO scam?

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