KUALA LUMPUR: A businessman has lost RM1.25mil to a clone investment scam that used corporate bank accounts. The scam is believed to be orchestrated by an online fraud syndicate posing as an international investment entity named JMC. "Influenced by the displayed profits, the victim made 23 transfers totalling RM1.25mil into several third-party bank accounts between October and December 2025," the department said in a Facebook post. The bank accounts were registered under the names JMC M Trading Venture, JMC Top Trading, JCG Entire Trading Sdn Bhd and JMC Flex Solution. Common red flags for investment fraud include unauthorised apps, instructions to transfer funds to third-party accounts, restrictions on withdrawing profits, and requests for additional fees or supposed taxes for withdrawal.

Source: The Star January 25, 2026 14:30 UTC