Penang: A teacher became the latest victim of an online stock investment scam, suffering a loss of over half a million ringgit. Penang Police Chief Datuk Hamzah Ahmad said the Seberang Perai Selatan District Police Headquarters’ Commercial Crime Investigation Division received a complaint from a 47-year-old victim yesterday, claiming that a syndicate had deceived him out of RM511,000.

According to BERNAMA News Agency, the victim reported seeing an advertisement for a stock trading investment on Facebook in February. He began communicating with the suspect via WhatsApp and was eventually added to an investment group called ‘Destiny On Your Hand.’ Within this group, the victim received detailed explanations about the investment, which promised high returns on the capital invested within a short period.

Hamzah stated that the victim was instructed to download an app via a link provided to register as a member. Following this, the victim made 12 transactions to three different bank accounts. The scam became apparent to the victim when he was unable to withdraw his capital and profits through the link, leading him to file a police report.

Investigations into the case are currently ongoing. The case is being investigated under Section 420 of the Penal Code for cheating.