GEORGE TOWN: A teacher became the latest victim of an online stock investment scam, suffering a loss of over half a million ringgit.
Penang police chief Comm Datuk Hamzah Ahmad said the South Seberang Perai district police headquarters' Commercial Crime Investigation Division received a complaint from a 47-year-old victim on Saturday (May 10), claiming that a syndicate had deceived him out of RM511,000.
"According to the victim, he saw an advertisement for a stock trading investment on Facebook in February. He then began communicating with the suspect via WhatsApp, after which he was added to an investment group called 'Destiny On Your Hand'.
"In the group, the victim received detailed explanations about the investment being offered, enticing him to invest, as it promised high returns on the invested capital within a short period," he said in a statement Sunday (May 11).
Hamzah said the victim was instructed to download an app via the link provided to register as a member. Subsequently, the victim made 12 transactions to three different bank accounts.
He said the victim realised he had been scammed after being unable to withdraw his capital and profits through the provided link, prompting him to lodge a police report.
He added that investigations are ongoing, and the case is being investigated under Section 420 of the Penal Code for cheating. - Bernama
