Company director duped of RM1.2m in fixed deposit scheme

A 62-year-old company director lost RM1.2 million after being duped by an acquaintance into opening an account under a fixed deposit scheme known as a share booster in 2020.

Johor police chief M Kumar said the victim’s acquaintance working at a local financial institution offered him the chance to join a scheme managed by the financial institution, promising the victim higher returns than those provided by other organisations.