a day ago
Former programme manager loses RM436k in non-existent IPO investment scam
GEORGE TOWN: Police have opened an investigation paper into a non-existent investment scheme that left a 62-year-old woman RM436,000 poorer, following a series of transactions involving four different companies.
The case is being investigated under Section 420 of the Penal Code for cheating.
Penang deputy police chief, Datuk Mohd Alwi Zainal Abidin, said the victim, a former programme manager with an airline company, was lured by an online advertisement for high-return IPO investments and lodged a report on June 12.
"Initial investigations revealed that the scam was carried out via a WhatsApp group known as 'Enspire Capital', which promoted what appeared to be legitimate investment opportunities.
"The victim was then instructed to download a mobile application called 'Freeman Plus', which allegedly served as the investment platform.
"Between May 12 and June 2, the victim made 56 money transfers to four separate company accounts, believing she was investing in a lucrative IPO scheme," he said in a statement.
Alwi said no returns were received as promised, and the perpetrators continued demanding additional funds until the victim realised she had been duped.
"The total amount lost comprises the woman's personal savings and funds withdrawn from her Employees Provident Fund (EPF) account," he added.
