GEORGE TOWN: An insurance agent lost a whopping RM1.49mil after he was duped by an online investment scam syndicate.
Penang police chief Comm Datuk Hamzah Ahmad said the 57-year-old victim lodged a police report at Central Seberang Perai police headquarters on Saturday (June 21).
"The victim was drawn to join the supposed investment after he saw an advertisement on Facebook that promised lucrative returns, before getting in touch with a woman via WhatsApp.
"The victim was then instructed to download an app called 'XGI Horizon' and made the first money transfer amounting to RM9,999 on Dec 30, last year," he said in a statement on Sunday (June 22).
Comm Hamzah said that in a brief period, the victim was shown to have a profit of RM18,400 and became confident to invest more money.
He said the victim made 35 transactions amounting to RM1.49mil into seven different companies' bank accounts between Feb 17 to April 24.
The victim, however, began to grow suspicious after failing to withdraw the profits and was asked to make additional payments.
Realising he had been deceived, the victim lodged a police report," he said.
In a separate case, a 73-year-old former accountant suffered losses amounting to RM855,001 after being duped by an online cryptocurrency investment scam syndicate through the Gexertmat Exchange platform.
Comm Hamzah said the victim became involved in the investment after seeing an advertisement on Facebook in March, which promised high returns in a short period.
"Attracted by the offer, the victim contacted an unknown woman via WhatsApp before being instructed to download the Gexertmat Exchange application and proceed with the investment.
"The victim then made 14 transactions into five separate bank accounts belonging to different companies between April 15 and June 11," he said.
He added that the victim only realised he had been scammed after failing to receive any of the promised returns.
"Following that, the victim lodged a police report on June 21, and the case is now being investigated under Section 420 of the Penal Code for cheating.
"The public is advised to exercise greater caution and verify with Bank Negara Malaysia and the Securities Commission Malaysia before investing in any online investment scheme," he said.
