Penang: A government retiree lost RM1.0024 million to an online investment scam that promised returns of up to 200 percent, as reported by Penang police chief Datuk Azizee Ismail.

According to BERNAMA News Agency, the 67-year-old man became acquainted with a woman through Facebook in August. She later introduced him to an online investment scheme via Whatsapp. Enticed by the scheme, the man was instructed to download an app to register his membership and begin investing.

The police chief explained that between August 8 and December 10, the retiree made 22 payments totaling RM760,200 to six different bank accounts, lured by the promise of receiving returns amounting to RM7,488,492. When the man attempted to withdraw his investment, he was advised to pay an advance of three percent of his profits. This led to six additional transactions totaling RM242,200 between December 18 and 24.

The retiree realized the scam when he was unable to withdraw his profits and was subsequently asked to make further payments for tax purposes. The case is currently under investigation under Section 420 of the Penal Code for fraud.