What promise of high share-market returns drove the victim’s RM449,100 losses?

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Fake Investment Scheme Promised High Share Market Returns, Leading to RM449,100 Loss

A 69-year-old factory operator in Taiping lost RM449,100 due to a fabricated online investment scheme that lured him with promises of substantial returns derived from share market performance. The victim was instructed to install an application to track his supposed investments and was forbidden from withdrawing any earnings before a three-month maturity period to ensure profit realisation. His subsequent attempts to gain information about his investments and a failure to receive any replies via WhatsApp prompted him to contact his bank, which confirmed he had been defrauded.
Investment Scheme Details and Victim's Actions

The incident began on February 16 when the victim, after clicking a Facebook link, was added to a WhatsApp chat group. Within this group, a syndicate presented an investment plan that guaranteed high returns based on share market fluctuations. As part of the scheme, the victim was instructed to download a specific application designed to monitor his shares, which served as a tool to maintain the illusion of an active investment.
Transaction Details and Profit Condition

Between February 16 and April 12, the victim made a total of 19 transactions, transferring funds to five different bank accounts. The syndicate's instructions stipulated that the victim must allow the investment to mature over a three-month period and refrain from withdrawing any accrued earnings before this maturity date to qualify for the promised profits. This condition was designed to prevent the victim from discovering the fraud prematurely.
Realisation of Fraud and Investigation

The victim's suspicion arose when he failed to receive current updates on his investments and received no responses to his queries on WhatsApp. Upon contacting his bank for clarification, he was informed that the investment scheme was non-existent. The Taiping police are investigating the case under Section 420 of the Penal Code, which deals with cheating and dishonestly inducing delivery of property.

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What promise of high share-market returns drove the victim’s RM449,100 losses?

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