Ex-programme manager in Penang loses RM436,000 in fake IPO scam promoted on WhatsApp, police tracking syndicate
GEORGE TOWN, June 29 — 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 last night.
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
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