GEORGE TOWN: A cargo company manager in Penang lost RM693,000 after being deceived by an investment syndicate that promised a 100% return on his capital within 48 hours.
The 70-year-old victim filed a police report after realising he had been scammed.
According to Penang deputy police chief Datuk Mohd Alwi Zainal Abidin, the victim initially saw an investment advertisement on Facebook in early March.
After clicking the link, a female suspect contacted him via WhatsApp, promoting an investment opportunity under “Industrial Securities International.”
The victim was assured of doubling his investment within two days. Between June 4 and July 3, he made 12 transactions totalling RM693,000 into five different bank accounts.
He only realised it was a scam when the promised profits never materialised, and the suspect demanded more payments before allowing withdrawals.
Police are actively investigating the case under Section 420 of the Penal Code for cheating.
Authorities are also working to trace the syndicate’s network to prevent further fraud. - Bernama
