A RETIRED factory worker has lost RM733,300 to an online investment syndicate after falling prey to a scam that promised high returns within minutes, Penang police confirmed.
Penang police chief Datuk Hamzah Ahmad said the 66-year-old victim lodged a report with the Commercial Crime Investigation Division of the Barat Daya district police headquarters on 18 June.
“The victim claimed he was contacted via text message in early March by a woman who introduced herself as a representative of a well-known investment company,” Hamzah said in a statement on Saturday.
“He was promised returns of between 10 and 15 per cent per investment, within just 20 minutes.”
Tempted by the offer, the victim was persuaded to download an application, register as a member, and begin investing.
Between 7 March and 24 April, he made 25 transfers into three different bank accounts. However, he realised something was amiss when he was asked to make another payment in order to withdraw his supposed profits.
“Only then did he realise he had been deceived,” Hamzah said, adding that investigations are ongoing.
The case is being investigated under Section 420 of the Penal Code for cheating, an offence that carries a maximum sentence of 10 years’ imprisonment, whipping, and a fine upon conviction. - June 21, 2025
