RM5.4mil lost to ‘celebrity backed’ investment scam

 

Photos of prominent people were used by investment schemes claiming to be shariah-compliant and promising profits of 50 times the initial investment.

PETALING JAYA: More than RM5 million has been lost since 2020 to investment scams that were claimed to be shariah-compliant, according to federal police.

Police secretary Noorsiah Saaduddin said 186 cases were investigated, linked to these fraudulent investment schemes. Victims lost a total of RM5.4 million, Bernama reported.

The fraudsters promised a profit of up to 50 times the amount invested, with returns said to be paid as quickly as three hours after the investment was made.

Photographs of celebrities were used without their knowledge to promote such ventures. Several prominent people have since lodged police reports regarding the misuse of their photos, she said.

The celebrities included politicians, religious leaders, entertainment celebrities, corporate figures and social media influencers.

“Those pictured in the advertisements were not involved in the investment scheme and never gave permission for their photos to be used,” she said. - FMT