Elderly Penang Duo Lose RM1.34 MILLION To Scammer Who Offered Non-Existent Investment Scheme

Scammers are constantly finding new ways to make money off their victims. 

Recently, 2 senior citizens from Penang lost almost RM1.34 million after they were cheated over a non-existent investment scheme based overseas.

According to NST, senior citizen Wong Lum Yoke lost nearly RM570,000 after being cheated by a woman in her 50s between 2019 and 2021. 

Meanwhile, Kang Eng Thye lost almost RM770,000 after he was cheated by a man, in his 60s, between 2016 and 2021.

The duo were allegedly syndicate members who offered investment bonds from the Chinese government whilst promising investors a massive return in USD.

Wong said she lodged a police report in August last year after no returns from the investments promised by the woman, known as “Datin Neoh”, despite making more than 10 transactions into the woman’s account.

“I also pawned my jewellery to invest in the scheme. My husband suffered from cancer when I first met the woman in 2019. I needed money to treat him.”

“Sadly, my husband died a year later, and the money I invested with the woman was also gone just like that,” she explained.

Wong, a retired civil servant, said that although the woman asked her to increase her investments, she did not see any promised returns.

“I then decided to lodge a police report last August as I did not want more people to fall victim to the woman. I hope she will be arrested soon,” she added.

Meanwhile, Kang, a former private teacher, said he lost his life savings of nearly RM770,000 between 2016 and 2019 after being duped by the sweet words of an “investment expert” known as Law.

“I only learned that I was cheated by the same syndicate as Wong when I came to ask MCA for help. I performed more than 70 transactions into Law’s account as he had promised multi-fold returns if we invested in the investment bond from China. I received nothing in return.”

More than 40 investors in the state have fallen victim to the 2 individuals, who are believed to be in Kuala Lumpur.

MCA Penang Public Services and Complaints Bureau chief Ooi Teik Liang said they would try to help both Wong and Kang in terms of the legal aspect.

“We hope people out there will be extra careful with such investment schemes which promise handsome returns,” he added.

Have you ever had a similar experience?

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