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A 66-YEAR-OLD retired bank officer has lost RM1.69 million after falling victim to an online investment syndicate promising lucrative returns from purported overseas share trading.
The victim was drawn in by a Facebook advertisement promoting high-yield stock investments linked to foreign companies.
What began as a seemingly legitimate opportunity evolved into a carefully orchestrated fraud conducted through private messaging and group chats.
Penang Police Chief Datuk Azizee Ismail said the woman first made contact with a male suspect via WhatsApp in November last year before being invited to join a WhatsApp group where the scheme was explained in detail.
She was told the investment would generate returns of 10 per cent of the capital invested within a single day.
“Interested victims were asked to register a membership account before carrying out 23 money transfer transactions into four bank accounts belonging to different companies between 17 November and 6 December last year.
“The woman realised she had been deceived when she did not receive the promised returns and was instead asked to make an additional payment in order to withdraw the profits,” he said in a statement today.
The victim proceeded to carry out 23 separate fund transfers into four different bank accounts belonging to various companies between 17 November and 6 December last year.
She only realised she had been deceived when the promised profits failed to materialise and she was instead asked to make further payments purportedly to facilitate the withdrawal of her returns.
Police are investigating the case as part of ongoing efforts to curb online investment fraud, which continues to target retirees and professionals with promises of extraordinary short-term gains. - February 12, 2026