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‘Withdrawal fee’ trap: Two Penang retirees lose RM1.15m in Facebook, Instagram scam ads
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AI Summary
Two retirees in Penang, Malaysia, lost over RM1 million to online investment scams. One 55-year-old man lost RM827,120 after responding to a Facebook ad promising 7% returns, while a 56-year-old lost RM321,250 after seeing a similar ad on Instagram promising 30% returns. Both victims interacted with scammers via WhatsApp, downloaded fraudulent investment apps, and made multiple fund transfers before realizing they had been scammed when they couldn't withdraw their supposed profits.
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