RM1.15 Million Lost: Two Women Fall to Fake Profits and Fake Police

Financial scam syndicates are tightening their grip on unsuspecting victims, and two recent cases in Penang show just how quickly savings built over decades can disappear. In less than six weeks, two women lost a combined RM1.15 million after falling prey to separate online investment and phone scams, underscoring the urgent threat posed by increasingly polished fraud operations.

In the first case, a 71-year-old woman was drawn into an online investment scheme that appeared credible, professional and highly lucrative. The victim, a consultant at a private company, encountered a stock investment promotion on TikTok in mid-November. What began as a casual online interaction soon escalated into a carefully structured deception.

After responding to the advertisement, she was contacted via WhatsApp by a woman who later added her to a group chat that gave the impression of an active investment community. The group reinforced the illusion of legitimacy, sharing discussions that mimicked real market analysis. The victim was then instructed to download an application known as ONTCX, presented as a trading platform.

She was persuaded that rapid returns of up to 100 per cent were achievable. Over a period of just six weeks, from 10 November to 23 December, she made 20 transfers totalling RM690,500 into four different bank accounts linked to separate companies. The scale and frequency of the transactions point to a methodical effort by the syndicate to extract as much money as possible before suspicion set in.

The warning signs became clear only when the victim attempted to withdraw her profits. Instead of receiving funds, she was told further payments were required to unlock the returns. By then, the money was gone. She reported the case to police on 29 December.

The second case followed a different but equally effective tactic, relying on fear rather than greed. A 58-year-old private-sector retiree lost RM462,000 after being targeted by a phone scam designed to mimic official authorities. The case was reported on 22 December.

The scam began with a call from a man claiming to represent Touch ‘n Go, who alleged a suspicious transaction on the victim’s account. The call was then transferred to individuals impersonating police officers from Penang police headquarters and Bukit Aman. The victim was accused of links to money laundering and drug trafficking, creating immediate panic.

Believing she was cooperating with law enforcement, she was instructed to move her funds and provide banking details. On 10 December, she transferred RM460,000 from her Employees Provident Fund savings into her personal account. She was later told to withdraw RM230,000 in cash and hand it over, along with her ATM card, to someone posing as a Bank Negara Malaysia representative.

The exchange took place at a roadside location in Batu Ferringhi. Only after speaking with a family member did the victim realise she had been deceived. Checks later showed RM232,000 had been withdrawn from her account without authorisation.

Both cases are being investigated under Section 420 of the Penal Code for cheating. Together, they highlight an urgent reality: modern scam syndicates move fast, appear credible and exploit trust, fear and technology to devastating effect.