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The Star
23-06-2025
- The Star
'Adoption' of scammer ends in RM1.6mil loss for Penang retiree
GEORGE TOWN: A private sector retiree here has lost RM1.6mil in an online investment scam to a suspect he adopted as his "younger brother". Penang police chief Comm Datuk Hamzah Ahmad said the Central Seberang Prai Commercial Crime Investigation Department received a complaint from a 57-year-old man about the scam on Sunday (June 22). "In March, the victim came into contact on WhatsApp with an individual who claimed to be from Hong Kong. "After three weeks of getting to know each other, the victim took the suspect as his adopted younger brother," he said in a statement on Monday (June 23) The suspect then invited the victim to join an online investment platform called FXCM, which promised a 10% return in a short period. After expressing his interest, the victim was told to download an application, register as a member, and invest. Comm Hamzah said the victim made an initial investment of US$2,000 (RM8,716) on March 18 and received a return of RM10,023. He said believing that the investment was legitimate and profitable, the victim proceeded to make 36 money transfers into 20 different bank accounts until June 14, totalling RM1,680,464. He said the victim only realised it was a scam when he tried to withdraw his profits through the app but failed. Comm Hamzah said the victim was also asked to make additional payments to process the withdrawal. "Feeling deceived, the victim then lodged a police report," he said. The case is being investigated under Section 420 of the Penal Code for cheating.
New Straits Times
23-06-2025
- New Straits Times
'Adopted brother' cons woman out of RM1.68mil in scam
BUKIT MERTAJAM: A 57-year-old woman lost more than RM1.68 million in an online investment scam involving a bogus platform. The victim, a retiree from a private firm in Penang, was first contacted via WhatsApp in late March by a man claiming to be from Hong Kong. After three weeks of communication, she began referring to the suspect as her "adopted brother". Penang police chief Datuk Hamzah Ahmad said the suspect later persuaded the victim to invest in an online scheme via a mobile app. "The victim was promised returns of up to 10 per cent within a short period," he said in a statement today. Hamzah said the woman made her first investment of USD2,000 (RM8,716) on March 18 and received a return of RM10,023, which convinced her of the platform's legitimacy. "Believing the scheme to be genuine and profitable, she went on to make 36 transactions between March 14 and June 14, depositing funds into 20 different bank accounts belonging to various companies. "In total, she lost RM1,680,464," he said. The scam came to light when the victim attempted to withdraw her returns but was unsuccessful. She was then asked to make additional payments to release the funds, prompting her to suspect foul play. The woman subsequently lodged a report with the Commercial Crime Investigation Department at the Seberang Prai Tengah district police headquarters yesterday. The case is being investigated under Section 420 of the Penal Code for cheating. This incident follows a similar case reported yesterday in which two men, including a senior citizen, lost a combined total of RM2.35 million in separate online investment scams.
Business Recorder
13-06-2025
- Business
- Business Recorder
Gold price per tola gains Rs4,600 in Pakistan
Gold prices in Pakistan increased on Friday in line with their surge in the international market. In the local market, gold price per tola reached Rs361,500 after it gained Rs4,600 during the day. As per the rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), 10-gram gold was sold at Rs310,007 after it gained Rs4,023. On Thursday, gold price per tola Rs356,900 after it gained Rs4,000 during the day. The international rate of gold also surged on Friday. The rate was at $3,417 per ounce (with a premium of $20), an increase of $46, as per APGJSA. Meanwhile, silver price per tola increased by Rs35 to settle at Rs3,780.
New Straits Times
05-05-2025
- Business
- New Straits Times
Sharp insurance premium hikes for senior citizens irrational, says MP
KUALA LUMPUR: Bayan Baru Member of Parliament Sim Tze Tzin has criticised the sharp insurance premium hikes for seniors, arguing that the combined impact of age bracket changes and medical repricing in the same year imposes a heavy financial strain. Sim said insurance companies offer cheaper plans when customers are younger but drastically raise premiums once they turn 60 and above, using the excuse of "age bracket." He said although an interim measure by Bank Negara Malaysia caps premium increases at no more than 10 per cent, it does not apply to increases due to 'age brackets' or 'age bands', which refer to changes in age categories within insurance policies. "Logically, a policyholder only becomes one day older after their birthday, yet their insurance premium can rise by 40 per cent to 50 per cent simply for moving into a new age bracket. "This is irrational. "Insurance companies offer cheaper plans when customers are younger but drastically raise premiums once they turn 60 and above, using the excuse of 'age bracket.' "More worryingly, these increases happen when individuals have retired, no longer have a fixed income, and depend solely on their EPF savings. "In the end, senior citizens are forced into a cruel choice (of either) pay an exorbitant premium or give up the coverage they've maintained for decades," he said in a statement. Sim cited a case of one policyholder, aged 61, who had made a complaint after receiving a notice of an increase for his insurance premium amounting to RM3,023 for a supposed "transition to the next age bracket." His insurance medical repricing also amounted to RM906. "Another policyholder, aged 65, purchased an insurance plan in 2008. "In 2025, he paid a premium of RM9,019.50. "However, for 2026, the insurance company raised the premium by RM4,099.50 (a 45 per cent increase) solely due to the 'age bracket' factor," he said. He called for BNM to implement a comprehensive reform of the insurance premium pricing mechanism, especially regarding the steep changes linked to age brackets. In December, BNM announced that insurers had agreed to spread the increase in insurance premiums over a minimum of three years, limiting the annual rise to under 10 per cent. This interim measure, which will remain in place until the end of 2026, is expected to ensure that at least 80 per cent of policyholders will experience annual premium adjustments of less than 10 per cent, in line with medical claims inflation. In March, Finance Minister II Datuk Seri Amir Hamzah Azizan said the government, in collaboration with key stakeholders, is implementing long-term solutions to control the rising costs of healthcare.
Free Malaysia Today
05-05-2025
- Business
- Free Malaysia Today
Age-based premium hikes for senior citizens make no sense, says Sim
Bayan Baru MP Sim Tze Tzin urged Bank Negara to reform the insurance premium pricing mechanism, especially concerning sharp age-based increases. PETALING JAYA : Bayan Baru MP Sim Tze Tzin has criticised the sharp increase in insurance premiums based on age, citing the financial burden it imposes on senior citizens. Sim questioned the logic of raising premiums up to 50% when policyholders move into new age brackets. He noted that while Bank Negara Malaysia's interim measures cap increases at 10%, such safeguards do not apply to hikes resulting from age bracket changes. He said one policyholder, aged 61, had made a complaint after receiving a notice of increase for his insurance premium amounting to RM3,023 for a supposed 'transition to the next age bracket'. 'Another policyholder, aged 65, who purchased the plan in 2008, was told the premium will increase by RM4,099 next year – a 45% increase solely for an 'age bracket' change. 'Insurance companies offer affordable plans to customers when they are young, then drastically increase the premiums once they are 60 years old and above, justifying them with the 'age bracket changes',' he said in a statement today. Sim said the current system penalises retirees by imposing steep premium increases at a time when they no longer have a stable income and are forced to rely on their EPF savings. 'Logically, even though policyholders only become one day older after their birthday, their insurance premiums can still (immediately) spike by 40% to 50% just because they have moved to the next age bracket. 'This makes no sense,' he said. He urged BNM to reform the insurance premium pricing mechanism, especially concerning sharp age-based increases. 'Senior citizens must be protected, not victimised. It is time for the insurance industry to prioritise fairness and humanity, not just profit,' he said. Previously, Prudential Malaysia said medical insurance premiums would be increased due to a rise in claims, as the average number of claims has risen by 19.6% compared with a year ago. The insurer said the increasing costs may warrant an annual review of medical plans and insurance charges to ensure policyholders are well protected. At the time, Sim accepted the insurance company's justification and assurance that the changes made were in line with the interim measures imposed by BNM.
