A 67-year-old government retiree in Penang lost over RM1 million to a scam promising 200% returns, with police investigating under fraud laws.
GEORGE TOWN: A government retiree lost RM1.0024 million to an online investment scam promising profits of up to 200%.
Penang police chief Datuk Azizee Ismail said the 67-year-old man was introduced to the scheme by a woman he met on Facebook in August.
The victim was asked to download an app to register before investing.
He subsequently made 22 payments totalling RM760,200 to six different bank accounts between August 8 and December 10.
Azizee said the man was promised returns of RM7.5 million from these transactions.
When he wished to withdraw his investment, he was asked to pay an advance of 3% of his profits.
This led to six more transactions totalling RM242,200 to another bank account from December 18 to 24.
The victim realised he was cheated when he could not withdraw his profits and was asked for additional tax payments.
The case is being investigated under Section 420 of the Penal Code for fraud.
