GEORGE TOWN, June 12 — A 57-year-old housewife lost RM521,450 to a face-to-face investment scam that took place in Seberang Perai Utara (SPU), near here, according to Penang police.
GEORGE TOWN, June 12 — A 57-year-old housewife lost RM521,450 to a face-to-face investment scam that took place in Seberang Perai Utara (SPU), near here, according to Penang police.
State police chief Datuk Hamzah Ahmad said the Commercial Crime Investigation Division at the SPU District Police Headquarters received a report from the victim yesterday, and investigations are currently underway.
“Initial investigations revealed that the woman was introduced to the investment scheme in 2022 by her neighbour. The scheme, which promised high and quick returns, led her to meet another woman posing as a marketing officer who explained how the investment worked,” he said in a statement.
Following the meeting, the victim proceeded to invest by making 51 cash deposits into five different bank accounts between March 4, 2022, and January 22, 2024. Over time, she transferred a total of RM521,450, only to realize later that she had been scammed. Her attempts to withdraw the promised returns were met with repeated excuses from the suspect.
Among the excuses given were that the investment had yet to mature, and that her capital was “safe” with Bank Negara. The victim was also asked to make several additional payments—including alleged fees to Bank Negara and legal costs—to supposedly recover her capital and profits.
Datuk Hamzah said police are working to identify and track down those involved in the scam. The case is being investigated under Section 420 of the Penal Code for cheating. — Bernama
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