TWO senior citizens in Penang have lost almost RM2.7 million after falling victim to separate online investment scams operated through fake financial platforms promising lucrative and rapid returns.
Penang Police Chief Datuk Azizee Ismail said the first case involved a 62-year-old machinery caretaker who suffered losses amounting to RM1.294 million after being lured into an online investment scheme known as Global Finance Trends XA.
“The Commercial Crime Investigation Division of the Seberang Perai Tengah District Police Headquarters received a report from the victim on Thursday and the man was said to have become interested in the scheme after seeing an investment advertisement on Facebook in March before being contacted by a female suspect via WhatsApp.
“The suspect offered an investment purportedly originating from China under the name Citic Wealth Advisors Sdn Bhd, promising high returns. At the initial stage, the suspect merely provided local investment tips and profit forecasts, which were found to be accurate, causing the victim to become convinced of the legitimacy of the scheme,” he said in a statement on Friday night.
According to Azizee, the victim was instructed to download the Global Finance Trends XA application for registration and investment purposes before carrying out 28 transactions amounting to RM1.397 million into a CIMB bank account registered under the company’s name between 6 April and 4 May.
He said the man only received RM103,000 in returns before realising he had been defrauded after attempts to withdraw purported profits of RM1 million displayed on the application failed.
In a separate case, a 72-year-old former company director lost RM1.403 million after allegedly being deceived by another online investment syndicate operating under the name Shanghai Futures Exchange.
“The victim became acquainted with a foreign man through Facebook in July 2023 before the relationship continued via the LINE application. The suspect also sent a photograph of his identification card to convince the victim that he genuinely existed before offering an investment scheme promising high profits within a short period.
“The woman was later instructed to access a website through a link provided for membership registration and investment purposes, and between 27 November last year and 5 February, the victim carried out 53 money transfer transactions amounting to RM1.403 million into 30 different bank accounts, including 26 personal accounts and four company accounts,” he said.
Azizee said the woman only discovered the deception after she was unable to withdraw RM30 million in supposed profits shown on the platform, while her account was subsequently blocked and the suspect could no longer be contacted.
He added that both cases are being investigated under Section 420 of the Penal Code for cheating. - May 16, 2026
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