Selangor police chief Hussein Omar Khan said preliminary investigations revealed that the victim was deceived into joining the investment through a QFII stock investment account called “L-Trader Max”.

He said police started investigating the case after a police report was lodged in the Serdang district.

“A man had asked the victim to sign a contract agreement with a company called ‘Dimensional’, convincing him that it was registered and operating in Singapore,” Hussein said in a statement today.

He said investigations showed the signed agreement was fraudulent, and the case is being investigated under Section 420 of the Penal Code for cheating.

He advised the public to be cautious of online investment schemes, particularly those involving “trader” apps and to verify with the relevant authorities to avoid falling victim to fraud.

“They can contact the National Scam Response Centre at 997 for enquiries,” he said.