Penang police chief Azizee Ismail said the 67-year-old became friends with a woman on Facebook last August and was introduced to an online investment scheme via WhatsApp, Bernama reported.

“He was interested in the investment scheme and was asked to download an app by the woman to register his membership before investing,” he said in a statement today.

According to Azizee, the man made 22 payments totalling RM760,200 to six different bank accounts between Aug 8 and Dec 10 and was promised returns of RM7,488,492.

The victim was also asked to pay an advance of 3% on his profits whenever he wished to withdraw his investment and subsequently made six transactions totalling RM242,200 to a bank account from Dec 18-24.

He realised that he was cheated when he could not make the withdrawal of his profits and was asked for additional payments for tax purposes, he said, adding that the case is being investigated under Section 420 of the Penal Code for fraud.