Seri Alam police chief Sohaimi Ishak said the man, 50, became interested in the investment scheme and contacted a person on Facebook who added him into an investment group on WhatsApp on July 26, Bernama reported.

Through video calls, the contractor was taught how to invest and promised up to 410% profits if he continued participating in five investment phases over five months.

The victim downloaded an investment app called ATS-P and he made 17 transactions between July 31 and Sept 8 to three different bank accounts.

Sohaimi said the victim continued investing until the fourth phase. He invested RM688,000 and was informed his profit was RM64,000. He tried to withdraw his profits but failed to do so earlier this month.

When the contractor called the person who introduced him to the investment scheme, he was told to make a further payment.

The contractor refused to do so and following this his account was frozen and became inaccessible to him.

After this the victim checked with the company’s headquarters and was informed that the company had never been involved in any form of investment schemes. He then lodged a police report.