4 days ago
- Business
- Free Malaysia Today
53-year-old loses RM500,000 in quick-returns online scam
Police said he was introduced through a Facebook app to an investment called 'Silver Peak CP' that promised quick and high returns.
GEORGE TOWN : A man in Sungai Bakap has lost RM500,000 after falling victim to a fake online investment scam that promised high returns in a short time.
Penang deputy police chief Alwi Zainal Abidin said the victim, a 53-year-old former warehouse assistant supervisor in Singapore, had come across a Facebook ad promoting stock investments on March 21.
He contacted a woman who identified herself as 'Liane' and she introduced him to an investment called 'Silver Peak CP' through a mobile app that promised quick and high returns, Alwi said in a statement.
'Attracted by the offer, the victim downloaded the app and started investing.' Between March 22 and June 24, he paid a total of RM500,000 in 22 deposits into six different bank accounts provided by the woman. 'After that, he could no longer access the app,' Alwi said.
