Engineer Loses RM275,000 in Moomoo Investment Scam
A 66-year-old retired factory worker in George Town, Penang, lost RM733,300 to an online investment scam. The victim received a text message in early March from a woman claiming to represent a reputable investment company, promising 10-15% returns within 20 minutes. He downloaded an app, registered, and made 25 transactions into three bank accounts between March 7 and April 24. He realized he was scammed when asked for additional payments to withdraw profits. The case, reported on June 18, is under investigation by Penang police under Section 420 of the Penal Code for cheating.
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