Johor Bahru Utara police chief Balveer Singh said the man filed a report yesterday claiming that he was added to an investment WhatsApp group in October last year.

In his report, the man said he communicated with an individual named “Dong Yuan” via +1(720)9843320. Intrigued by the promise of up to 100% returns, he downloaded the ‘DIGZAXXCE’ app to track his earnings.

The victim said he issued 12 cheques to two bank accounts for the sum of RM500,000 between Jan 6 and 15.

“He only realised he had been scammed after his accountant informed him that the investment was fraudulent,” Balveer said in a statement today.

“This occurred after he was asked to pay an additional fee to withdraw the promised high profits in USD, as shown on the link.

“The victim was told that refusing to make the payment would result in his profits being frozen.”

He said the case is being investigated under Section 420 of the Penal Code for cheating, which carries a maximum penalty of 10 years imprisonment, caning, and a fine upon conviction. The investigation will also extend to the involvement of money mule accounts.

He urged the public to be vigilant against the growing prevalence of online scams and to avoid falling for investment schemes that promise easy and quick, high returns.

Bernama had reported earlier that a manager at a private company lost RM6.1 million after he fell victim to a non-existent investment scheme.

According to Selangor police chief Hussein Omar Khan, the 64-year-old victim was added to a WhatsApp group, and told to register as a new investor on the ‘Digzax.com’ platform.