Private doctor loses RM3.8mil in IPO investment scam

2026-03-06 - 08:43

Police said the doctor was promised 50% returns on his investment within two weeks. ALOR SETAR: A private doctor was cheated of RM3.8 million after allegedly falling victim to a non-existent initial public offering investment scheme involving currency shares from China and Hong Kong. Kedah commercial crime investigation department chief Syamsyul Anuar Saad said the doctor lodged a report at the Kota Setar police headquarters on March 4. He said the 60-year-old victim was drawn to the scheme after seeing an advertisement by a company called JMC Capital on Facebook while at his workplace at Jalan Putra here on Aug 26 last year. “The victim was promised returns of 50% of the invested capital within two weeks. He initially dealt with a woman before being added to a WhatsApp group known as JMC Capital,” he said in a statement. He said the group’s members consistently convinced the victim that the investment could yield high returns. The doctor made 49 fund transfers totalling RM3,805,010 into nine different bank accounts between Nov 4, 2025 and Feb 4. He only realised that he had been cheated after failing to receive any of the promised returns, Syamsyul said.