Terengganu police chief Khairi Khairudin said the 67-year-old victim came across a Facebook advertisement promoting a stock investment scheme allegedly based in China and expressed his interest in participating.

He said the victim was instructed to download the “MMcT-Pro” application through a link sent via email, purportedly to monitor his investment.

“The victim, who was promised high profits within a short period, was then asked to make three payments amounting to RM100,000.

“Initially, the victim managed to withdraw RM89,800 in three transactions via the application, with the funds credited to his account from a source linked to an unknown company,” he said in a statement today.

Khairi said the victim, who became increasingly convinced in the scheme’s legitimacy, made an investment of RM240,000 to purchase stocks, with payments made in stages to various bank accounts.

However, he said for the subsequent withdrawal, the victim was instructed to pay RM1 million as part of the profit-sharing arrangement.

“After making the payment, the victim was asked to pay RM1.7 million in taxes, which he did at a local bank counter.

“It didn’t end there. The victim was then directed to make a deposit of RM520,000, which was claimed to be for an investigation by the Securities Commission,” he said.

According to Khairi, the victim transferred a total of RM5.2 million in 13 transactions to seven separate local bank accounts for his investment.

“Realising he had been deceived, the victim filed a report at the Kuala Terengganu police headquarters,” he said, adding that the case is being investigated under Section 420 of the Penal Code for fraud.