Kuching: A 59-year-old man lost over RM2.2 million in a non-existent online stock investment scam.

According to BERNAMA News Agency, Kuching police chief, ACP Alexson Naga Chabu, stated that the victim was at home on August 18 when he was added to a WhatsApp group and introduced to a fraudulent stock investment scheme called 'MLK1'.

The victim was instructed to download an app called 'MLMA' to engage in the investment, which promised high returns. "He made 22 online transfers into 11 different bank accounts amounting to RM2,268,696.90," said Alexson.

He explained that the victim realized he had been deceived after he was unable to withdraw the supposed investment profits of RM39,103,045.06, which were displayed in his account on the MLMA app. Alexson mentioned that the case is being investigated under Section 420 of the Penal Code for cheating, which carries a penalty of imprisonment between one and ten years, as well as caning, upon conviction.