Latest news with #RM436
The Sun
5 hours ago
- The Sun
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.
Barnama
14 hours ago
- Business
- Barnama
Retired Woman Loses RM436,000 In Online IPO Investment Scam
GEORGE TOWN, June 28 (Bernama) -- A 62-year-old retired airline programme manager recently lost RM436,000 of her life savings after falling victim to an online investment scam involving fake initial public offering (IPO). Penang Deputy Police Chief Datuk Mohd Alwi Zainal Abidin said the woman lodged a report with the Timur Laut Commercial Crime Investigation Division after discovering she had been deceived by a fraudulent scheme. The scam was promoted through a WhatsApp group called 'enspire capital', which promised high-returns through IPO investments. The victim was instructed to download an app named 'freeman plus' as the investment platform. 'Between May 12 and June 2, she made 56 fund transfers to four different company accounts. Despite the promises, she received no returns. Instead, the suspects kept requesting additional payments,' he said in a statement tonight. Investigations found the victim used her personal and Employees Provident Fund (EPF) savings to finance the so-called investments. Mohd Alwi said efforts are ongoing to identify and track down the syndicate responsible. The case is being investigated under Section 420 of the Penal Code for cheating. -- BERNAMA
New Straits Times
14 hours ago
- New Straits Times
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.
