RM1.97 Million Gone: Penang Woman Lost It All to A Fake US Investment Firm

A 53-year-old sales officer from Penang has lost RM1.97 million after falling for an online investment scam that falsely used the name of a well-known United States financial company.

Penang police chief Datuk Azizee Ismail said the woman made a report at the George Town Commercial Crime Investigation Department on Wednesday, 29 October. Police found that she came across an investment advertisement on Facebook in mid-August. The post promoted stock investments with very high returns and looked like it was linked to a trusted financial firm.

The woman then contacted a person through WhatsApp and later joined a chat group that discussed investment opportunities. She was told to download an application to register and start investing.

Investigations showed that she was promised profits of between 150 and 200 per cent within two weeks. Believing the offer, she made 35 bank transfers into six different accounts, amounting to RM1.97 million in total.

When she tried to withdraw her profits through the same app, the attempt failed. She then realised she had been scammed and reported the case to the police.

The case is being investigated under Section 420 of the Penal Code for cheating. Those found guilty can face between one and ten years in prison, whipping, and a fine.

Datuk Azizee reminded the public to be careful when investing online, especially in schemes that promise fast or unusually high returns. He advised anyone interested in investing to first check with Bank Negara Malaysia or the Securities Commission Malaysia to confirm if a company or platform is licensed.