A 71-year-old consultant lost RM690,500 to an online investment scam after being lured by a TikTok ad promising 100% profits in a short period.
GEORGE TOWN: A 71-year-old consultant lost RM690,500 to an online investment scam after being lured by an advertisement on TikTok.
Penang police chief Datuk Azizee Ismail said the victim lodged a police report on Dec 29 about the scam which began in mid-November.
She contacted a suspect via WhatsApp after seeing an ad for a high-return investment scheme.
The victim was then added to a WhatsApp group named ‘QNTCX Invest’ and promised 100% profits based on her investment amount.
She was asked to download a ‘QNTCX’ app to register and proceeded to make investments.
From Nov 10 to Dec 23, the victim made 20 cash deposits totalling RM690,500 into four different company bank accounts.
She realised she had been scammed when she did not receive the promised returns and was instead asked for additional payments to withdraw her funds.
Investigations are ongoing under Section 420 of the Penal Code.
