Penang: An elderly retired bank manager has become the latest victim of an intricate phone scam, losing RM680,781 to fraudsters masquerading as cybersecurity officers and police personnel.

According to BERNAMA News Agency, the incident came to light when the 80-year-old victim filed a report with the Timur Laut Commercial Crime Investigation Division. The victim was targeted by a syndicate that initiated contact on June 12, with a call allegedly from 'Cyber Security Putrajaya'. The caller falsely informed him that his phone number had been blacklisted for disseminating false information.

The call was subsequently transferred to someone pretending to be a police officer from the Alor Setar Police Station. The fake officer convinced the victim that his bank account was implicated in money laundering activities.

In order to clear his name and prevent arrest, the victim was instructed to open two new bank accounts. Over the span of June 19 to 23, he transferred a total of RM680,781 into these accounts. The scammers further manipulated him by instructing him to place his ATM and credit cards, along with bank documents, into an envelope and leave it on a Tenaga Nasional Berhad (TNB) electrical box near a bank in Tanjung Bunga.

The deception was uncovered on June 26, when the victim checked his bank accounts and realized that all the money had been siphoned off to unknown third-party accounts. Police are now investigating the case under Section 420 of the Penal Code for fraud.