KUCHING: A 79-year-old man here lost RM9.082mil after falling victim to a fake share and initial public offering (IPO) investment scheme through a mobile application.

Kuching OCPD Asst Comm Alexson Naga Chabu said the police received a report about the online scam that occurred on Jalan Pending.

He said the suspect contacted the victim in January 2026 and offered high returns from the investment.

“Enticed by the high returns, the victim made 27 online money transfers into nine different bank accounts, totalling RM9.082mil.

“However, the victim only received a one-time return of RM1,000. He realised he had been cheated after failing to withdraw his capital and the profits displayed in the application,” Alexson said in a statement on Sunday (June 14).

He added that the case is being investigated under Section 420 of the Penal Code for cheating. – Bernama

This article first appeared on The Star.