According to a Bernama report, Selangor police chief Hussein Omar Khan said the 58-year-old victim joined the scheme in September, having been attracted to the impressive-sounding credentials of an advertisement by “Davidson Kempner Capital Management”.

He said the man was then instructed to download the A-Trade app via the Apple Store.

“The victim was required to ensure 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 a total of RM5,900,506.48 through 30 transactions into eight different company accounts in stages from September to November 2024,” he said in a statement today.

Hussein said the victim, who finally realised he was duped after not receiving any returns, filed a report at the Kajang police station yesterday.

He said police had opened an investigation paper under Section 420 of the Penal Code for cheating.