Police: ‘200pc returns’ lure leaves Penang retiree RM1m poorer

GEORGE TOWN, Jan 4 — A government retiree lost RM1.0024 million to an online investment scam that offered profits of up to 200 per cent, Penang police chief Datuk Azizee Ismail said.

The man, 67, got to know a woman on Facebook in August and she introduced him to an online investment scheme via WhatsApp.

“He was interested in the investment scheme and was asked to download an app by the woman to register his membership before investing,” he said in a statement today, adding that the man made 22 payments totalling RM760,200 to six different bank accounts from August 8 to December 10 and was promised returns of RM7,488,492.

The victim was also asked to pay an advance of three per cent of his profits when he wished to withdraw his investment and subsequently made six transactions totalling RM242,200 to a bank account from December 18 to 24.

He realised that he was cheated when he could not make the withdrawal of his profits and was asked for additional payments for tax purposes, he said, adding that the case is being investigated under Section 420 of the Penal Code for fraud. — Bernama