Company director duped of RM1.2 mln in a fixed deposit scheme

JOHOR BAHRU: Duped by an acquaintance, a 62-year-old company director lost RM1.2 million after opening an account under a fixed deposit scheme known as share booster in 2020.

Johor police chief CP M Kumar said the victim’s acquaintance working at a local financial institution offered him the chance to join a scheme managed by the financial institution, promising the victim higher returns than those provided by other organisations.

“Enticed by the offer, the victim handed over a cheque totalling RM1.8 million…and early this month, the victim wanted to withdraw the interest on his savings and contacted the suspect, but the suspect made excuses,” he said in a statement today.

Feeling suspicious, Kumar said the victim checked with the financial institution and found that only RM600,000 out of the total payment was in his fixed deposit account.

“After further checks, the victim found that several cheques amounting to RM1.2 million that he handed over to the suspect were not deposited into his account but into other accounts under unfamiliar names. He proceeded to lodge a police report on Wednesday (June 5),” he said.

The case is being investigated under Section 420 and Section 409 of the Penal Code.

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