GEORGE TOWN - A retired bank officer recently lost RM1.69 million after falling victim to an online investment scam.
Penang police chief Datuk Azizee Ismail said the 66-year-old woman lodged a report yesterday at the Commercial Crime Investigation Division of the Daerah Timur Laut district police headquarters.
He explained that the scam began in mid-November last year, when the victim saw a stock investment advertisement on Facebook promising high returns.
"The victim contacted a man (the suspect) via WhatsApp and was invited to join a group for the investment. She was told the scheme offered a 10 per cent return within a day on the amount invested,” he said in a statement today.
Azizee added that the victim registered for a membership account and made 23 fund transfers to four different company bank accounts between Nov 17 and Dec 6, 2025.
She realised she had been scammed after failing to receive the promised returns and being asked to make additional payments to withdraw profits. The case is being investigated under Section 420 of the Penal Code for cheating. - BERNAMA