Latest news with #investmentscam
Malay Mail
29-06-2025
- Business
- Malay Mail
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
The Herald
23-06-2025
- Business
- The Herald
Do your homework before investing your hard-earned money
Once again, hundreds of people have lost money they can ill afford to lose investing in what appeared to be a legitimate financial enterprise. All of them have now been left out of pocket, with some in dire financial straits as a result. The company's office in Greenacres is closed and its website is no longer accessible. The person running the operation also seems to be ducking and diving attempts from the complainants, as well as this newspaper, to obtain an explanation for what is looking more and more like a scam. Police are investigating after receiving numerous complaints. Unfortunately, trusting people have again allegedly been duped into putting money into an operation promising regular high returns and being left with nothing in the end. The real heartbreak, though, is that many investors either took out bank loans or used their pension payouts or life savings for the investments on the premise of quick returns. They have been left in a terrible position — no pension to sustain them, no nest egg for the future, bank loans to repay. There are more than 300 complainants on one WhatsApp group. The stories are heartrending. One man is going through a divorce he says is because of the money he lost, another investor has to beg for milk and bread from neighbours just to get by. A third is battling depression. Most complainants are from the Eastern Cape — Gqeberha mainly — with a few from Cape Town and Durban. Though the company, which started operating in 2024, did initially make some payouts, they seem to have stopped at the beginning of the year. Is it a scam? Only time will tell. If it was not a deliberate ploy to fleece the unsuspecting, the person who ran the scheme should come forward and explain what went wrong instead of going to ground and avoiding calls. We implore would-be investors in any financial enterprise, do your homework before parting with your money. Whatever claims are made on the website or in promotional material, check them thoroughly to test their veracity. The Herald
Free Malaysia Today
19-06-2025
- Business
- Free Malaysia Today
Penang woman loses RM794,000 to online investment scam
Penang police chief Hamzah Ahmad urged the public to verify investment schemes with Bank Negara Malaysia or the Securities Commission. (Bernama pic) GEORGE TOWN : A woman from Bukit Mertajam lost RM794,000 to an online investment scam that promised 100% returns, say police. In a statement today, Penang police chief Hamzah Ahmad said the 47-year-old interior designer came across a Facebook advertisement in early April offering quick profits, and later communicated with a woman, posing as a representative, via WhatsApp. He said the victim was instructed to download an app called CSECdt, register and begin investing. Hamzah said the victim made seven bank transfers to different company accounts between April 11 and June 3, only realising it was a scam when she was asked to pay RM200,000 in taxes to withdraw her supposed RM2 million profit. He said the woman then filed a police report, which is being investigated under Section 420 of the Penal Code for cheating. Hamzah urged the public to verify investment schemes with Bank Negara Malaysia or the Securities Commission before investing. 'Online schemes promising high returns are very risky. Don't fall for scammers hiding behind social media platforms,' he said.
Malay Mail
18-06-2025
- Malay Mail
Online scams dominate Kelantan's commercial crime list, over RM14m lost this year
KOTA BARU, June 18 — Kelantan recorded a total of 601 commercial crime cases during the first five months of this year, resulting in losses amounting to RM14.1 million, according to state police chief Datuk Mohd Yusoff Mamat. He said that based on statistics comparing cases and financial losses by the modus operandi of commercial crimes, the cyber and multimedia crime category recorded the highest number of cases at 401 incidents, or 67 per cent of the total, and resulting in losses amounting to RM7.47 million. 'Common cybercrimes include online fraud such as phone scams, fake purchases via social media, job scams, and love scams.' 'The second highest category involves investment scam cases, the use of electronic cards, and other related crimes, with 105 cases recorded, accounting for 17.4 per cent, and losses totalling RM4.54 million,' he said at a press conference after the monthly assembly for June, held at the Kelantan contingent police headquarters here today. Meanwhile, crimes related to finance, banking, cooperatives, and insurance recorded 81 cases (13.47 per cent), with total losses amounting to RM966,336.38. 'For cases involving forgery, embezzlement, and land-related offences, only seven cases were recorded (1.16 per cent), with losses amounting to RM85,000. Corporate cases also recorded seven cases (1.16 per cent), but with significantly higher losses of RM1.05 million,' he said. Mohd Yusoff added that the police are intensifying awareness and prevention efforts through collaboration with relevant agencies and the public to combat the increasingly complex nature of commercial crimes. 'Over the past few months, we have seen an alarming rise in street crimes, including robbery, snatch theft, housebreaking, as well as a growing number of commercial crimes occurring through online platforms.' 'Crimes such as online fraud, investment scams, and identity theft now not only result in financial losses but also impact the emotional well-being and sense of security within the community,' he said. — Bernama
Free Malaysia Today
16-06-2025
- Business
- Free Malaysia Today
Penang retiree loses RM800,000 in investment scam
Penang police said the man realised he had been cheated when he was unable to withdraw the 'profits' displayed on the app, totalling more than RM23 million. PETALING JAYA : A 55-year-old retiree in Perai, Penang, has lost RM827,120 to an investment scam promising quick returns. Penang police chief Hamzah Ahmad said the man had responded to an investment scheme advertised on Facebook in April, involving a company known as Freeman Ltd. He said the victim contacted a woman through WhatsApp for information on the scheme which promised returns of 7% in a short period of time. 'He was asked to download the Freeman Ltd app, register as a member and invest through the said platform. 'Between April 19 and May 26, he made 22 transfers to six bank accounts belonging to different companies,' Hamzah said in a statement today. He said the victim realised he had been cheated when he was unable to withdraw the 'profits' displayed in the app, totalling more than RM23 million, and lodged a police report. The case is being investigated under Section 420 of the Penal Code for cheating.
