Kuala Terengganu: A financial analyst was left devastated after losing his savings of RM147,350 to a fraudulent investment syndicate operating through a non-existent scheme.

According to BERNAMA News Agency, Kuala Terengganu police chief ACP Azli Mohd Noor stated that the incident began in February when the 42-year-old victim encountered a stock investment advertisement on Instagram. The victim clicked on the advertisement link and was subsequently invited to join a WhatsApp group with 125 members actively discussing stock market trends.

Azli Mohd Noor revealed that one member of the group claimed to be an employee of a securities and investment company based in China. This individual persuaded the victim to invest using a platform called HTGIC. However, before any stock trading could occur, the victim was required to transfer money to several company accounts.

The suspect assured the victim that all transaction records could be monitored through the platform, and the victim would have the freedom to manage funds for stock purchases and sales. Trusting this information, the victim made 13 money transfers totaling RM147,350 to five different bank accounts.

In a desperate attempt to make the investment, the victim not only used his savings but also borrowed money from his mother and used company funds. When no returns were forthcoming, the victim filed a police report at 7.36 pm yesterday. The case is under investigation under Section 420 of the Penal Code for cheating.