Penang: The manager of a cargo company in Penang lost RM693,000 after falling victim to an investment syndicate that offered a 100 per cent profit.

According to BERNAMA News Agency, Penang deputy police chief Datuk Mohd Alwi Zainal Abidin stated that the Barat Daya district police headquarters received a police report from the 70-year-old local man yesterday. The victim reported that he encountered the fraudulent investment scheme via an advertisement on Facebook in early March. After clicking on a link, he was contacted by a female suspect who provided information about an “Industrial Securities International” investment through WhatsApp.

The investment scheme promised a 100 per cent profit within 48 hours. Enticed by the offer, the victim made 12 transactions totaling RM693,000 to five different bank accounts between June 4 and July 3. However, he realized it was a fraud when he did not receive the promised returns, and the suspect continued to demand more payments before allowing any withdrawal.

Mohd Alwi further mentioned that investigations are ongoing to trace the fraud syndicate network. The case is being investigated under Section 420 of the Penal Code for cheating.