GEORGE TOWN: A pensioner lost over RM800,000 to an online investment scam advertised on a social media platform.
State police chief Comm Datuk Hamzah Ahmad said the Central Seberang Perai commercial crime department received a complaint from a 55-year-old man regarding the scam on June 12.
"The victim was deceived in an online investment scam involving a company known as Freeman Ltd, resulting in a total loss of RM827,120," he said in a statement on Monday (June 16).
Comm Hamzah said the victim revealed that in early April 2025, he came across an investment advertisement on the social media application promising high returns.
He said the victim then began communicating with a suspect, a woman, through the WhatsApp application.
Comm Hamzah said the investment offered promised a return of 7% for each capital invested within a short period of time.
Enticed by the offer, the victim was instructed to download the Freeman Ltd. application, register as a member, and make investments through the platform.
Comm Hamzah said subsequently, between April 19 and May 26 this year, the victim made 22 money transfer transactions into six bank accounts belonging to different companies.
"The victim only realised he had been scammed when he was unable to withdraw the profits displayed on the Freeman Ltd application, which amounted to RM23.2mil," he said,adding the victim then lodged a police report.
The case is investigated under Section 420 of the Penal Code for cheating.
In another incident, a 56-year-old former factory technician was also duped by an online investment scam that promised a high return.
Comm Hamzah said the scam, which was advertised on social media, caused the victim to lost RM321,250.
"Around December 2024, the victim came across an investment advertisement offering 30% return on any invested capital within a three-month period.
The victim then began communicating with a female suspect through the WhatsApp application," he said.
Interested in the offer, the victim was instructed to download an application called Demax Global, register as a member, and proceed with the investment.
Comm Hamzah said on March 21 this year, the victim made the first fund transfer amounting to RM20,000 through the application and within less than three months, the victim received a return of RM14,150.
Subsequently, between March 27 and 3 June 3, the victim carried out 11 fund transfer transactions into four different company-owned bank accounts involved in the scheme.
Comm Hamzah said the victim realised he had been cheated when he was unable to withdraw his profit of RM280,000 that was displayed in the application.
"The victim then lodged a police report at North Seberang Perai police headquarters on June 12," he added.
The case is investigated under Section 420 of the Penal Code for cheating.
