Latest news with #RM521
The Sun
2 days ago
- Business
- The Sun
Housewife loses over RM500,000 to investment scam
GEORGE TOWN: A housewife lost RM521,450 after falling victim to a fraudulent investment scheme carried out face-to-face in Seberang Perai Utara (SPU), near here, recently. Penang police chief Datuk Hamzah Ahmad said the Commercial Crime Investigation Division from the SPU Police Headquarters received a report from the 57-year-old woman yesterday, with investigations underway. 'Based on investigations, the victim was introduced by her neighbour to the scheme, which promised high returns in a short period in 2022, before introducing the victim to another woman who posed as a marketing officer,' he said in a statement today, adding that the woman explained to the victim how the investment worked. He said the victim then joined the investment and made 51 cash transactions into five different bank accounts from March 4, 2022 to Jan 22, 2024 totalling RM521,450, before realising she had been scammed after the suspect kept giving excuses whenever she wanted to withdraw her profits. Hamzah said some of the excuses given were that the investments had not reached maturity dates and that there was no need to worry because her capital was safely stored in Bank Negara. He said the victim was also told to make various additional payments, such as payments to Bank Negara and legal fees to facilitate getting her capital and profits. 'Investigations are ongoing, including tracing those involved in the scam, and the case is being investigated under Section 420 of the Penal Code for cheating,' he added.
The Star
2 days ago
- Business
- The Star
Housewife loses over RM500,000 to investment scam
GEORGE TOWN: A housewife lost RM521,450 after falling victim to a fraudulent investment scheme conducted face-to-face in Seberang Perai Utara (SPU), near here, recently. Penang police chief Datuk Hamzah Ahmad said the Commercial Crime Investigation Division from the SPU Police Headquarters received a report from the 57-year-old woman on Tuesday (June 10), with investigations underway. "Based on investigations, the victim was introduced by her neighbour to the scheme, which promised high returns in a short period in 2022, before introducing the victim to another woman who posed as a marketing officer," he said in a statement on Wednesday (June 11), adding that the woman explained to the victim how the investment worked. He said the victim then joined the investment and made 51 cash transactions into five different bank accounts from March 4, 2022 to Jan 22, 2024 totalling RM521,450, before realising she had been scammed after the suspect kept giving excuses whenever she wanted to withdraw her profits. Hamzah said that some of the excuses given were that the investments had not reached their maturity dates and that there was no need to worry because her capital was safely stored at Bank Negara. He said the victim was also instructed to make various additional payments, including those to Bank Negara and legal fees, to facilitate the recovery of her capital and profits. "Investigations are ongoing, including tracing those involved in the scam, and the case is being investigated under Section 420 of the Penal Code for cheating," he added. – Bernama
New Straits Times
2 days ago
- New Straits Times
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.
