Former principal loses over RM1.1mil to investment scammers

PEKAN: A former principal of a school in Kuantan, near here, lost more than RM1.1 million after he allegedly fell victim to a non-existent investment scheme.

Acting Pahang police chief Datuk Azry Akmar Ayob said the 65-year-old victim lodged a report yesterday after realising he had been cheated, having made 22 financial transactions between Aug 21 and Oct 7.

He said all the transactions were made online and at different bank counters in Pekan and Kuantan.

According to the report, the victim used his savings, sold land and took out loans to invest in the non-existent scheme.

"On June 21, the man saw an investment advertisement on TikTok under the account name Network 1 Agency Sdn Bhd.

"The victim then contacted an individual claiming to be an agent of the company through WhatsApp.

"The senior citizen was given an explanation about the investment and an analysis of the financial market, and agreed to join the scheme offered," he said in a statement.

Azry said the victim was then instructed to transfer money into six different bank accounts.

He said that after all the investments were made, the retiree was asked to make additional payments for various unreasonable reasons.

"The senior citizen did not receive any of the profits as promised, suspected he had been cheated and lodged a report at the Pekan police headquarters yesterday," he said.

He said the case was being investigated under Section 420 of the Penal Code for cheating.