Hussein said the victim was duped into paying the sum by a “Ms Ng”, who claimed to be an investment specialist.

He said the victim got acquainted with “Ms Ng” after clicking on an online advertisement promoting a business opportunity.

“Upon clicking the link, he was redirected to a WhatsApp channel where communication with the suspect continued,” he said in a statement today.

“Ms Ng” convinced the businessman to register as a new investor on a website.

The victim’s first investment led to a return of RM24,308, Hussein said, adding that this convinced him it was a legitimate scheme.

He said the businessman then made 13 transactions, where he transferred a total of RM5.3 million into three separate bank accounts.

“However, when he attempted to withdraw the supposed profits he made in the investment, he was asked to pay a series of tax-related fees.

“It was at this point that he realised he had been duped.”

The businessman lodged a police report in Shah Alam, and the Selangor commercial crime investigation department opened an investigation under Section 420 of the Penal Code for cheating.

Hussein advised the public to be wary of online investment schemes, especially those promoted through social media or digital platforms that promise high and unrealistic returns.

“Be vigilant against financial or investment applications that are not approved by Bank Negara Malaysia or the Securities Commission,” he said.

He also urged the public to report any suspicious investment activities or scam-related calls to the National Scam Response Centre.