6 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.
