GEORGE TOWN: A 46-year-old man here lost RM1,316,111 to an online scam recently.
The Penang police Commercial Crime Division said it had received a report from the man who is a manager in a medical company.
The victim said after he had seen an advertisement on Instagram, he got in touch with a woman, who is believed to part of an online scam syndicate.
State police chief Comm Datuk Hamzah Ahmad said the victim was promised high returns in a short period if he participated in the share scheme.
"The victim later downloaded the application 'TPG PRO', and from April 27 to 29 made 20 transactions amounting to RM1,316,111 to four different accounts for the investment.
"The victim realised he was cheated when he could not withdraw his profits from his investment," he said.
Comm Hamzah said the victim was later told to increase his investment if he wanted to withdraw the profits.
He said the case is being investigated under Section 420 of the Penal Code for cheating.
