‘Adoption’ of scammer ends in RM1.6mil loss for Penang retiree

‘Adoption’ of scammer ends in RM1.6mil loss for Penang retiree

'Adoption' of scammer ends in RM1.6mil loss for Penang retiree

GEORGE TOWN: A private sector retiree here has lost RM1.6mil in an online investment scam to a suspect she adopted as her “younger brother”.

Penang police chief Comm Datuk Hamzah Ahmad said the Central Seberang Prai Commercial Crime Investigation Department received a complaint from a 57-year-old man about the scam on Sunday (June 22).

“In March, the victim came into contact on WhatsApp with an individual who claimed to be from Hong Kong.

“After three weeks of getting to know each other, the victim took the suspect as her adopted younger brother,” he said in a statement on Monday (June 23)

The suspect then invited the victim to join an online investment platform called FXCM, which promised a 10% return in a short period.

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After expressing her interest, the victim was told to download an app, register as a member, and invest.

Comm Hamzah said the victim made an initial investment of US$2,000 (RM8,716) on March 18 and received a return of RM10,023.

He said believing that the investment was legitimate and profitable, the victim proceeded to make 36 money transfers into 20 different bank accounts until June 14, totalling RM1,680,464.

He said the victim only realised it was a scam when he tried to withdraw her profits through the app but failed.

Comm Hamzah said the victim was also asked to make additional payments to process the withdrawal.

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“Feeling deceived, the victim then lodged a police report,” he said.

The case is being investigated under Section 420 of the Penal Code for cheating.