Latest news with #TPGPRO
The Sun
5 days ago
- Business
- The Sun
Manager loses RM1.3m to non-existent investment syndicate
GEORGE TOWN: The manager of a health-based company recently lost RM1.3 million after being deceived by a non-existent online investment syndicate. Penang Police Chief Datuk Hamzah Ahmad said the Commercial Crime Investigation Department of the Seberang Perai Selatan (SPS) District Police Headquarters (IPD) received a report from the victim, a 46-year-old local man, last Monday, informing them that he had been deceived by the syndicate. 'Last April, the victim saw an investment advertisement based on stock trading concepts through the Instagram application and contacted a woman suspected to be one of the syndicate members via the WhatsApp application. 'The syndicate promised high returns in a short period if he joined the stock investment, and the victim downloaded the TPG PRO application after being interested in joining the investment,' he said in a statement today. Hamzah said the man made 21 money transfer transactions totaling RM1.3 million to four different company accounts between April 27 and May 29 for the purpose of the investment. He said the victim realized he had been cheated when he failed to withdraw profits from the investment; instead, he was asked to make additional capital contributions if he wanted to withdraw the profits. 'Further investigation is underway, and the case is being investigated under Section 420 of the Penal Code for cheating,' he said.
The Sun
5 days ago
- Business
- The Sun
Manager of health-based company loses RM1.3m to non-existent investment syndicate
GEORGE TOWN: The manager of a health-based company recently lost RM1.3 million after being deceived by a non-existent online investment syndicate. Penang Police Chief Datuk Hamzah Ahmad said the Commercial Crime Investigation Department of the Seberang Perai Selatan (SPS) District Police Headquarters (IPD) received a report from the victim, a 46-year-old local man, last Monday, informing them that he had been deceived by the syndicate. 'Last April, the victim saw an investment advertisement based on stock trading concepts through the Instagram application and contacted a woman suspected to be one of the syndicate members via the WhatsApp application. 'The syndicate promised high returns in a short period if he joined the stock investment, and the victim downloaded the TPG PRO application after being interested in joining the investment,' he said in a statement today. Hamzah said the man made 21 money transfer transactions totaling RM1.3 million to four different company accounts between April 27 and May 29 for the purpose of the investment. He said the victim realized he had been cheated when he failed to withdraw profits from the investment; instead, he was asked to make additional capital contributions if he wanted to withdraw the profits. 'Further investigation is underway, and the case is being investigated under Section 420 of the Penal Code for cheating,' he said.
Free Malaysia Today
5 days ago
- Business
- Free Malaysia Today
Company manager loses RM1.3mil in Instagram investment scam
Police said the man made 21 money transfers to four company accounts between April 27 and May 29 before he realised that he had been cheated. PETALING JAYA : The manager of a health-based company lost RM1.3 million to a non-existent online investment syndicate. Penang police chief Hamzah Ahmad said the Seberang Perai Selatan police headquarters' commercial crime investigation department received a report from the 46-year-old man on Monday. 'In April, the victim saw an advertisement about stock trading concepts on Instagram, and contacted a woman suspected to be one of the syndicate members via WhatsApp. 'The syndicate promised high returns in a short period, and the victim downloaded an app called 'TPG PRO' for the investment,' Bernama reported him as saying. Hamzah said the man made 21 money transfers totalling RM1.3 million to four different company accounts between April 27 and May 29 for the investment. He realised he had been cheated when he was asked to make additional capital contributions if he wanted to withdraw his profits. The case is being investigated under Section 420 of the Penal Code for cheating.
The Star
5 days ago
- Business
- The Star
Penang man loses more than RM1.3mil to online scam
GEORGE TOWN: A 46-year-old man here lost RM1,316,111 to an online scam recently. The Penang police Commercial Crime Division said it had received a report from the man who is a manager in a medical company. The victim said after he had seen an advertisement on Instagram, he got in touch with a woman, who is believed to part of an online scam syndicate. State police chief Comm Datuk Hamzah Ahmad said the victim was promised high returns in a short period if he participated in the share scheme. "The victim later downloaded the application 'TPG PRO', and from April 27 to 29 made 20 transactions amounting to RM1,316,111 to four different accounts for the investment. "The victim realised he was cheated when he could not withdraw his profits from his investment," he said. Comm Hamzah said the victim was later told to increase his investment if he wanted to withdraw the profits. He said the case is being investigated under Section 420 of the Penal Code for cheating.
