GEORGE TOWN: A senior citizen lost more than RM1.3mil after being duped by an app-based online investment scam.
State police chief Comm Datuk Hamzah Ahmad said the 70-year-old victim saw an investment advertisement based on stock trading that was circulated via WhatsApp around December last year.
"The investment promised a return of between 8% to 15% of the invested capital within a period of two months," he said.
Comm Hamzah said the victim was asked to download the "BIONM" app and register as a member before investing through the application.
He said a total of 14 transactions were conducted by the victim into four different bank accounts.
Comm Hamzah said the victim began to realise that he had been deceived when he was asked to make an additional payment of RM1mil as a commission to BIONM for the purpose of withdrawing the so-called accumulated profit of RM11mil in the application.
"The victim lost RM1.36mil in total," he said.
Comm Hamzah said the victim then lodged a police report on April 28.
Comm Hamzah urged the public to be wary of investment offers advertised on social media sites, especially those that offer outrageous returns.
