Manager loses RM1.3m to non-existent investment syndicate
GEORGE TOWN: The manager of a health-based company recently lost RM1.3 million after being deceived by a non-existent online investment syndicate.
Penang Police Chief Datuk Hamzah Ahmad said the Commercial Crime Investigation Department of the Seberang Perai Selatan (SPS) District Police Headquarters (IPD) received a report from the victim, a 46-year-old local man, last Monday, informing them that he had been deceived by the syndicate.
'Last April, the victim saw an investment advertisement based on stock trading concepts through the Instagram application and contacted a woman suspected to be one of the syndicate members via the WhatsApp application.
'The syndicate promised high returns in a short period if he joined the stock investment, and the victim downloaded the TPG PRO application after being interested in joining the investment,' he said in a statement today.
Hamzah said the man made 21 money transfer transactions totaling RM1.3 million to four different company accounts between April 27 and May 29 for the purpose of the investment.
He said the victim realized he had been cheated when he failed to withdraw profits from the investment; instead, he was asked to make additional capital contributions if he wanted to withdraw the profits.
'Further investigation is underway, and the case is being investigated under Section 420 of the Penal Code for cheating,' he said.
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