Penang: Two men, one of whom is a senior citizen, have collectively lost RM2.35 million after falling prey to online investment scams in separate incidents in Penang.

According to BERNAMA News Agency, Penang police chief Datuk Hamzah Ahmad reported that the first case involved a 57-year-old insurance agent from Perai. The victim lodged a complaint with the Commercial Crime Investigation Division of Seberang Perai Tengah district police headquarters after losing nearly RM1.5 million. The man was lured by a stock investment advertisement on Facebook in December, which promised high returns. After contacting the female suspect via WhatsApp, he downloaded a stock investment application. He initially made a transfer of RM9,999, yielding a profit of RM18,400, which boosted his confidence. Subsequently, he made 35 additional transfers from February 17 to April 24 to seven different bank accounts, totaling RM1,495,176. He realized the scam only after he was unable to withdraw profits and was asked for more money.

In the second case, Hamzah detailed that a 73-year-old retired accountant also fell victim to a scam, losing RM855,001. This incident was reported at the north-east police headquarters. The victim was drawn in by a Facebook advertisement for cryptocurrency investments promising quick high profits. He contacted the female suspect through WhatsApp, joined the investment scheme, and downloaded the related application. Between April 15 and June 11, he made 14 transactions to five different bank accounts but did not receive any returns.

Investigations are ongoing to track the syndicate behind these frauds. Both cases are currently being investigated under Section 420 of the Penal Code, which deals with cheating.