Penang police chief Hamzah Ahmad said the man had responded to an investment scheme advertised on Facebook in April, involving a company known as Freeman Ltd.

He said the victim contacted a woman through WhatsApp for information on the scheme which promised returns of 7% in a short period of time.

“He was asked to download the Freeman Ltd app, register as a member and invest through the said platform.

“Between April 19 and May 26, he made 22 transfers to six bank accounts belonging to different companies,” Hamzah said in a statement today.

He said the victim realised he had been cheated when he was unable to withdraw the “profits” displayed in the app, totalling more than RM23 million, and lodged a police report.

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