Two Retirees Lose Over RM1 Mln To Online Investment Scams

GEORGE TOWN, June 16 (Bernama) -- Two retirees lost over RM1 million after falling victim to online investment scams recently, according to Penang police.

Penang police chief Datuk Hamzah Ahmad said in a statement that in the first case, the  Seberang Perai Tengah District Police Headquarters received a report from a 55-year-old man on June 12, alleging that he had been scammed by an online investment company for RM827,120.

“In early April, the victim came across an investment advertisement on Facebook promising high returns and subsequently got in touch with a woman…via WhatsApp.

“The victim was promised a seven per cent return on each investment made,” he said, adding that the man was told to download the company’s app to register as a member and invest through the platform. 

Hamzah said the victim made 22 fund transfers into six different company accounts between April 19 and May 26. 

“He realised he had been scammed after being unable to withdraw profits totalling RM23,241,952 as shown on the investment app and subsequently lodged a police report,” he said.

In a separate case, he stated that a 56-year-old retired factory technician lost RM321,250 after falling victim to another online investment scam, adding that the victim lodged a police report on June 12 at the Seberang Perai Utara District Police Headquarters.

Hamzah stated that around December of last year, the victim came across an investment advertisement on Instagram that promised high returns. He then contacted a female suspect via WhatsApp, who promised a 30 per cent return within three months.

He said that on March 21, the victim made the first fund transfer of RM20,000 through the company’s app, and within less than three months, he received RM14,150 in profits.

“He made 11 additional fund transfers between March 27 and June 3 into four different company accounts linked to the scheme, but realised he had been scammed after he could not withdraw RM280,000 in purported profits and was instead asked by the suspect to pay an RM120,000 withdrawal fee,” he added.

He said investigations are ongoing, and both cases are classified under Section 420 of the Penal Code for cheating.

-- BERNAMA