Selangor police chief Hussein Omar Khan said one was a 77-year-old man who was promised lucrative returns through investment in 27 stock counters.

The other was a 70-year-old who lost more than RM2.2 million in a non-existent online cryptocurrency investment.

Hussein said the stock investment scheme was promoted by Efa Trade, an international investment company based in Singapore.

The 77-year-old victim, a private sector retiree, was asked to make 15 transactions involving three different bank accounts, totalling RM3.21 million.

“At the end of January, Efa Trade informed investors that the company would be closing and required each investor to pay a 15% commission on their profits to withdraw their earnings.

“The company also showed the victim that his investment had reached RM2 million in the Efa Pro application,” Hussein said in a statement here today.

Hussein said the victim realised he had been scammed when he discovered that the investment documents provided were fake and subsequently lodged a police report.

In the other case, the 70-year-old man was offered cryptocurrency investments in October last year through a Facebook “friend”, before being added to a WhatsApp group.

The victim made 18 transactions totalling more than RM2.21 million but never received any profits.