GEORGE TOWN: A man in Sungai Bakap has lost RM500,000 after falling victim to a fake online investment scam that promised high returns in a short time.
Penang deputy police chief Alwi Zainal Abidin said the victim, a 53-year-old former warehouse assistant supervisor in Singapore, had come across a Facebook ad promoting stock investments on March 21.
He contacted a woman who identified herself as “Liane” and she introduced him to an investment called “Silver Peak CP” through a mobile app that promised quick and high returns, Alwi said in a statement.
“Attracted by the offer, the victim downloaded the app and started investing.” Between March 22 and June 24, he paid a total of RM500,000 in 22 deposits into six different bank accounts provided by the woman. “After that, he could no longer access the app,” Alwi said.