A RETIRED government servant in Penang has been left financially devastated after losing more than RM1 million to an online share investment scam he joined through social media late last year.
Penang police chief Datuk Azizee Ismail said the 67-year-old man only recently realised he had been deceived and lodged a police report at the Barat Daya district police headquarters on Thursday.
Initial investigations found that the victim was first introduced to the supposed investment after befriending a woman on Facebook in August. “The suspect offered a share investment known as DAC Pro under the name of Navis Management Sdn Bhd and instructed the victim to communicate via the WhatsApp application,” Azizee said in a statement issued on Friday.
According to police, the suspect promised returns of up to 200 per cent within a short period, which convinced the victim to participate. “The suspect promised investment returns of up to 200 per cent in a short time, causing the victim to become interested in joining the investment,” Azizee said.
The victim was instructed to download the DAC Pro application to register as a member and to make investments. Between 8 October and 10 December 2025, he carried out 22 payment transactions totalling RM760,200 into six different bank accounts.
Throughout that period, the victim was shown projected investment profits amounting to RM7,488,492 but never received any actual returns. “When the victim wanted to withdraw the profits, he was asked to make an advance payment of three per cent of the total profit as a condition for withdrawal,” Azizee said.
Between 18 and 24 December 2025, the man made a further six money transfers amounting to RM242,200 into another bank account provided by the suspect. Azizee said the victim’s total losses amounted to RM1,002,400.
“The victim only realised he had been cheated when he was still unable to withdraw the profits and was asked to make additional payments, allegedly for taxation purposes,” he said.
The case is being investigated under Section 420 of the Penal Code for cheating. - January 5, 2025
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