Fake Investment App Scam Costs Man RM500,000

GEORGE TOWN, July 12 (Bernama) -- A man lost RM500,000 after falling victim to a fake online investment scam that promised high returns in a short time in Sungai Bakap here, recently.

Penang deputy police chief Datuk Mohd Alwi Zainal Abidin said the 53-year-old, a former warehouse assistant supervisor in Singapore, had come across a Facebook ad promoting stock investments on March 21 and later contacted a woman who identified herself as "Liane".

“She introduced him to an investment called ‘Silver Peak CP’ through a mobile app that promised quick and high returns. Attracted by the offer, the victim downloaded the app and started investing,” he said in a statement today.

Between March 22 and June 24, the victim made 22 transactions into six different bank accounts provided by the suspect, totalling RM500,000. After that, he could no longer access the app.

Mohd Alwi said police are investigating and working to track down the syndicate.

The case is being probed under Section 420 of the Penal Code for cheating.

-- BERNAMA