Two Senior Citizens In Penang Lost RM1.34 Million To Investment Scam

Two retired civil servants lost over RM1.34 million after they were cheated over a non-existent investment scheme that is “based overseas.”

76-year-old Wong Lum Yoke lost nearly RM570,000 after she was scammed by a woman in her 50s between 2019 and 2021 while 58-year-old Kang Eng Thye lost nearly RM770,000 after he was cheated by a man from 2016 to 2021.

Oh no, that’s a lot of money!

two senior citizens in penang lost rm1.34 million to investment scamPhoto via Kosmo! 

The two individuals are believed to be syndicate members offering bonds from the Chinese government which promised a 10-fold return in USD to their investors. 

According to NST, it is also reported that over 40 investors in the state had fallen victim to the two individuals, who have since left Penang and are believed to be in Kuala Lumpur. 

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

While Kang, a former teacher in the private sector said he lost his life savings of nearly RM770,000 between 2016 and 2019 after he was duped by an “investment expert” known only as Law.

The MCA Penang Public Services and Complaints Bureau chief Ooi Teik Liang said they will try to help both Wong and Kang in terms of the legal aspect and warns the public to take extra precautions with such investment schemes. 

Aiyo, that is so sad!

Please be careful, guys! Scammers are very good at what they do, and they can be very good at convincing you that they are who they say they are…

So, please DO NOT fall into their traps! Stay safe, guys!

By: Aishah Akashah Ahadiat