BUTTERWORTH: A 72-year-old former company director has lost more than RM1.4mil in an online investment scam, says Penang police chief Datuk Azizee Ismail.
He said the Central Seberang Perai District police headquarters on Thursday (May 14) received a complaint from the victim who was duped of RM1.403mil by an online investment dubbed "Shanghai Futures Exchange" which promised her RM30mil in profits.
Comm Azizee said the victim is believed to have been deceived for the past three years since 2023 by a syndicate.
"The woman initially befriended a foreign man on Facebook in July 2023. The suspect then sent a photo of himself and identification details to prove his existence and get to know the victim.
"The victim then began to believe the suspect was genuine and pursued contact via the chat application ‘Line’,” he said in a statement on Friday (May 15).
At this point, the suspect introduced the victim to an investment scheme promising huge profits within a short period of time.
Comm Azizee said the victim was then provided with a link and told to visit the website to register as a member and make investment transactions.
"Between November 27, 2025 and February 5, 2026, the victim made 53 transactions to 30 different bank accounts with 26 of those in the name of an individual and four accounts in a company's name totalling RM1.403mil.
"She realised she had been duped when she could not withdraw her profits of RM30mil displayed on the website.
"She then realised that the suspect had blocked her and she could no longer contact him," he said.
He said the case is being investigated under Section 420 of the Penal Code for fraud.
"I want to remind the public that it is dangerous to invest in such schemes, especially those offered online.
"I urge the public not to be easily deceived by such tricks from scammers who reach out via social media platforms.
He advised the public to verify such offers via Bank Negara Malaysia (https://www.bnm.gov.my) and the Securities Commission Malaysia (https://www.sc.com.my) to ensure that the individual is authorised to offer such investment services before investing.
