Retired woman loses RM436k in online IPO investment scam in Penang
GEORGE TOWN: A retired airline programme manager, 62, was cheated of RM436,000 in a fraudulent online investment scheme involving fake initial public offerings (IPOs).
Penang Deputy Police Chief Datuk Mohd Alwi Zainal Abidin confirmed the victim lodged a report with the Timur Laut Commercial Crime Investigation Division after realising she had been deceived.
The scam was advertised in a WhatsApp group named 'enspire capital', which lured victims with promises of high returns from IPO investments.
The retiree was directed to download an app called 'freeman plus' to facilitate transactions.
'Between May 12 and June 2, she made 56 fund transfers to four different company accounts.
Despite assurances, she received no returns, and the suspects continued demanding more money,' Mohd Alwi stated.
Investigations revealed the woman used her personal savings and Employees Provident Fund (EPF) withdrawals to fund the fraudulent investments.
Authorities are working to trace the syndicate behind the scam. The case is being probed under Section 420 of the Penal Code for cheating.
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