KUALA LUMPUR, June 13 -- A 79-year-old man in Kuching has lost more than RM9 million after allegedly falling victim to a fraudulent online investment scheme involving non-existent share investments and initial public offerings (IPOs).

Kuching police chief Assistant Commissioner Alexson Naga Chabu said the district police headquarters' Commercial Crime Investigation Division had recently received a report from the victim, who suffered losses amounting to RM9.08 million.

Preliminary investigations found that the man had become acquainted with the suspect around January before being introduced to what was presented as an investment opportunity promising substantial returns within a short period.

According to Alexson, the victim was persua...