Penang police chief Hamzah Ahmad said the Barat Daya police headquarters’ commercial crime investigation division received a report last Monday from the 70-year-old man, who claimed he was the victim of a fraud syndicate.

“The victim said he came across an investment advertisement in late December, shared via WhatsApp, promoting a stock trading scheme that promised returns of 8% to 15% on the invested capital within two months.

“Interested, the victim downloaded an app called ‘BIONM’, registered as a member and made 14 money transfers to four different accounts, totalling RM1.365 million,” Bernama quoted him as saying.

Hamzah said the victim only realised he had been deceived when he was asked to make an additional RM1 million payment as a commission for BIONM to withdraw purported profits of RM11 million that had allegedly accumulated in the app.

He said further investigations are ongoing, including efforts to trace the syndicate’s network.

The case is being investigated under Section 420 of the Penal Code for cheating.