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The Star
16-06-2025
- The Star
Penang pensioner loses over RM800,000 to online investment scam
GEORGE TOWN: A pensioner lost over RM800,000 to an online investment scam advertised on a social media platform. State police chief Comm Datuk Hamzah Ahmad said the Central Seberang Perai commercial crime department received a complaint from a 55-year-old man regarding the scam on June 12. "The victim was deceived in an online investment scam involving a company known as Freeman Ltd, resulting in a total loss of RM827,120," he said in a statement on Monday (June 16). Comm Hamzah said the victim revealed that in early April 2025, he came across an investment advertisement on the social media application promising high returns. He said the victim then began communicating with a suspect, a woman, through the WhatsApp application. Comm Hamzah said the investment offered promised a return of 7% for each capital invested within a short period of time. Enticed by the offer, the victim was instructed to download the Freeman Ltd. application, register as a member, and make investments through the platform. Comm Hamzah said subsequently, between April 19 and May 26 this year, the victim made 22 money transfer transactions into six bank accounts belonging to different companies. "The victim only realised he had been scammed when he was unable to withdraw the profits displayed on the Freeman Ltd application, which amounted to RM23.2mil," he said,adding the victim then lodged a police report. The case is investigated under Section 420 of the Penal Code for cheating. In another incident, a 56-year-old former factory technician was also duped by an online investment scam that promised a high return. Comm Hamzah said the scam, which was advertised on social media, caused the victim to lost RM321,250. "Around December 2024, the victim came across an investment advertisement offering 30% return on any invested capital within a three-month period. The victim then began communicating with a female suspect through the WhatsApp application," he said. Interested in the offer, the victim was instructed to download an application called Demax Global, register as a member, and proceed with the investment. Comm Hamzah said on March 21 this year, the victim made the first fund transfer amounting to RM20,000 through the application and within less than three months, the victim received a return of RM14,150. Subsequently, between March 27 and 3 June 3, the victim carried out 11 fund transfer transactions into four different company-owned bank accounts involved in the scheme. Comm Hamzah said the victim realised he had been cheated when he was unable to withdraw his profit of RM280,000 that was displayed in the application. "The victim then lodged a police report at North Seberang Perai police headquarters on June 12," he added. The case is investigated under Section 420 of the Penal Code for cheating.
New Straits Times
16-06-2025
- Business
- New Straits Times
Two retirees lose over RM1.1 million in separate online investment scams
SEBERANG PRAI: Police have launched investigations into two separate cases of online investment fraud that cost two retirees a combined total of RM1,148,370, highlighting the growing threat of financial scams targeting unsuspecting victims via social media platforms. State police chief Datuk Hamzah Ahmad said in the first case, a 55-year-old retiree of a private company in Prai lodged a report with the Commercial Crime Investigation Department of the Seberang Prai Tengah district police headquarters after being duped by an investment scheme operated by a company known as Freeman Ltd. Hamzah said that based on the victim's report, he came across an advertisement on Facebook in early April and was lured by promises of high returns - seven per cent on each investment within a short period. "Communicating with the female suspect via WhatsApp, the victim was instructed to download the Freeman Ltd app, register as a member, and invest through the platform. "Over a little more than a month, from April 19 to May 26, he made 22 money transfer transactions totalling RM827,120 to six different company bank accounts," he said in a statement tonight. Hamzah said the victim only realised he had been scammed when he was unable to withdraw his supposed profits, which the app showed as RM23.2 million. A police report was subsequently filed. In a separate but similar case, the Seberang Prai Utara district police received a report from a 56-year-old retired factory technician who lost RM321,250 in an online scam linked to a company called Demax Global. Hamzah said that according to the victim's report, he came across an investment advertisement on Instagram in December last year, offering a 30 per cent return within three months. "The victim also communicated with a female suspect via WhatsApp and was instructed to download the Demax Global app to begin investing. "On March 21 this year, he made his first investment of RM20,000 and, within a few months, received a return of RM14,150, which encouraged him to continue investing. "Between March 27 and June 3, he made 11 transactions into four different bank accounts linked to the scheme. "The scam came to light when the victim was unable to withdraw the displayed profits of RM280,000. When he attempted to make a withdrawal, the suspect demanded a withdrawal fee of RM120,000. "The victim proposed that the fee be deducted from his account balance, but the suspect refused and insisted that the payment be made separately," he added. Realising he had been deceived, Hamzah said the victim lodged a police report. Both cases are being investigated under Section 420 of the Penal Code, which deals with cheating and dishonestly inducing the delivery of property.
The Star
20-05-2025
- Business
- The Star
Kulai retiree loses RM431,000 to fake investment scheme
KULAI: A private sector retiree claimed to have lost RM431,000 after being deceived by a syndicate into joining a non-existent investment scheme. Kulai OCPD Asst Comm Tan Seng Lee said the victim was lured by the promise of a 20% to 30% profit within three days of investing in the scheme. "The victim was promised that the profit would be credited into his Demax Global account app," he said in a statement. ACP Tan stated that the 67-year-old local man made 32 transactions totaling RM431,000 into three local bank accounts between March 17 and May 15 of this year. Upon completing the transactions, the victim checked his Demax Global account app and found a RM3mil profit displayed on the screen. "He wanted to withdraw the profit but was instructed to bank in an additional amount of RM30,000," added ACP Tan. The victim realised he was cheated after failing to withdraw the sum and lodged a police report on Tuesday (May 20). The case is being investigated under Section 420 of the Penal Code. ACP Tan reminded the public to be alert and careful, especially in financial transactions involving unknown persons. The public can also visit Semak Mule, contact the CCID Scam Response Centre at 03-26101559 or 03-26101599, or go to Facebook @jsjkpdrm and @cybercrimealertrmp. Scam victims are advised to call the National Scam Response Centre at 997 to report their case.
