SHAH ALAM (Jan 8): A private contractor suffered a massive loss of more than RM5.9 million after he was scammed by a non-existent investment scheme via Facebook.

Selangor police chief Datuk Hussein Omar Khan said the 58-year-old victim began participating in the investment in September after he was attracted to the impressive-sounding credentials of an investment advertisement by a "Davidson Kempner Capital Management (DKCM MYS-C)" advertised on the social media site.

He said the local man was instructed to download the A-Trade application which was available through the Apple Store application.

“The victim needed to ensure that the amount in his account was sufficient to purchase the desired share units and also to make transactions according to instructions given.

“The victim transferred money totalling RM5,900,506.48 through 30 transactions into eight different company accounts in stages starting from September to November 2024,” he said in a statement here on Wednesday.

Hussein said the victim, who finally realised he was duped after not receiving any returns, filed a report at the Kajang district police station (IPD) on Tuesday.

Following that, he said police opened an investigation paper under Section 420 of the Penal Code.

Authorities advise the public to be wary of investment offers on social media platforms that promise unrealistic high returns by parties not approved by Bank Negara Malaysia or the Securities Commission of Malaysia.

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