Penang: A retired factory worker recently lost RM733,300 after falling victim to an online investment scam syndicate. Penang police chief Datuk Hamzah Ahmad said the Commercial Crime Investigation Division of the Barat Daya district police headquarters received a report from the 66-year-old victim on June 18.

According to BERNAMA News Agency, the victim claimed to have received a text message in early March from a woman who introduced herself as a representative of a reputable investment company. The victim was promised a return of between 10 and 15 percent on each investment, within just 20 minutes.

Interested in the offer, the victim was instructed to download an application to register as a member and begin investing. Hamzah stated that the victim made 25 transactions into three different bank accounts between March 7 and April 24. However, the victim realized he had been cheated when he was asked to make an additional payment to withdraw his supposed investment profits.

Further investigations are ongoing, and the case is being investigated under Section 420 of the Penal Code for cheating.