Housewife loses RM521,450 in bogus investment introduced by neighbour

GEORGE TOWN: A 57-year-old housewife lost more than half a million ringgit after falling victim to a fraudulent investment scheme introduced by a neighbour.
Penang police chief Datuk Hamzah Ahmad said the woman was tricked into investing RM521,450 in a bogus scheme that promised high returns in a short period.
In her report, the victim claimed that in 2022, her neighbour introduced her to the scheme.
Hamzah said the victim further stated that her neighbour had introduced her to a woman who posed as a marketing officer.
"This woman allegedly explained to the victim that the investment would offer a 100 per cent return on capital within one month.
"The victim was convinced and began making payments between March 4, 2022, and Jan 22, 2024, in 51 transactions totalling RM521,450 to five different bank accounts.
"She only realised she had been scammed when she attempted to withdraw the promised profits but kept receiving various excuses from the suspect.
"One excuse given was that the investment had not yet matured, and the victim was told her capital was safely stored in Bank Negara Malaysia," he said in a statement today.
To make matters worse, the victim was asked to make additional payments, allegedly to cover legal fees and processing costs to retrieve her capital and profits," he added.
Realising she had been deceived, the victim lodged a police report with the Seberang Prai Utara district Commercial Crime Investigation Department.
The case is being investigated under Section 420 of the Penal Code for cheating.

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