Penang: A technician lost more than RM600,000 to an online investment scam known as Ethereal Capital in September. Penang police chief Datuk Azizee Ismail reported that the 57-year-old victim filed a complaint with the Commercial Crime Investigation Division at the Seberang Perai Utara district police headquarters.

According to BERNAMA News Agency, the victim claimed he encountered a stock investment advertisement on Facebook in early September, which promised high returns. After reaching out to a woman via WhatsApp, he was added to a group on the platform promoting the investment scheme.

The victim was assured of returns ranging from 20 to 30 percent within one to eight days, based on the capital invested. Enticed by these promises, he was instructed to download the Ethereal Capital application for membership registration and investment.

Azizee revealed that on September 5, the victim made his initial payment of RM300 into a bank account held by an individual, receiving an alleged profit of RM32,200 the same day. Encouraged by this, the victim increased his investment by an additional RM200,000, with the suspect claiming that his profit had supposedly grown to RM700,000.

Between September 5 and November 11, 2025, the victim conducted 62 transactions across 36 different bank accounts, amounting to RM602,051.56. The scam became apparent to the victim when he attempted to withdraw his "profit" and was asked to pay taxes and processing fees first.

The incident is currently under investigation under Section 420 of the Penal Code for cheating.