A retired bank officer in Penang lost RM1.69 million to a Facebook investment scam promising 10% daily returns, with police investigating under cheating laws.

GEORGE TOWN: A retired bank officer has lost RM1.69 million after falling victim to an online investment scam.

Penang police chief Datuk Azizee Ismail said the 66-year-old woman lodged a report yesterday.

He explained that the scam began in mid-November last year when the victim saw a stock investment advertisement on Facebook.

“The victim contacted a man via WhatsApp and was invited to join a group for the investment,” Azizee said in a statement.

He added that she was told the scheme offered a 10% return within a day on the amount invested.

The victim registered for a membership account and made 23 fund transfers to four different company bank accounts.

These transactions occurred between November 17 and December 6, 2025.

She realised she had been scammed after failing to receive the promised returns.

The victim was also asked to make additional payments to withdraw her supposed profits.

The case is being investigated under Section 420 of the Penal Code for cheating.

 The Sun Malaysia