TWO men in Penang, including a 73-year-old retired accountant, lost a total of RM2.35 million after falling victim to online investment scams in separate incidents recently, police confirmed.
Bernama reported Penang police chief Datuk Hamzah Ahmad saying the first case involved a 57-year-old insurance agent from Perai who reported losing almost RM1.5 million to a stock investment scam after responding to a Facebook advertisement in December.
“The man contacted the female suspect via WhatsApp after seeing an advert promising high returns. He was persuaded to download a so-called stock investment application and made an initial transfer of RM9,999 on December 30, receiving a purported return of RM18,400,” Hamzah said in a statement.
Buoyed by the initial return, the victim proceeded to make 35 transfers between 17 February and 24 April to seven different company accounts, totalling RM1,495,176.
The scam came to light when the victim was unable to withdraw his supposed profits and was instead asked to make further payments, leading him to file a police report with the Commercial Crime Investigation Division (BSJK) at the Seberang Perai Tengah district police headquarters.
In the second case, Hamzah said a 73-year-old man, a former factory accountant, also filed a report after losing RM855,001 in a cryptocurrency investment scam.
“He too responded to a Facebook advertisement in March, promising quick and high returns. He downloaded an app and made contact with a woman via WhatsApp,” he said.
The victim made 14 transfers to five different company accounts between 15 April and 11 June but never received any returns.
Hamzah confirmed that both cases are being investigated under Section 420 of the Penal Code for cheating, with efforts underway to trace the syndicate networks behind the frauds. - June 22, 2025
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