Online investment scam leaves store supervisor RM624,617 poorer
GEORGE TOWN – A 56-year-old store supervisor from Batu Kawan, Penang, has fallen victim to an online investment scam and lost a total of RM624,617 after being lured by a fraudulent mobile application called XGI Horizon, which promised high investment returns.
Scammer Approached Victim Through Facebook Advertisement
According to acting Penang police chief Datuk Mohd Alwi Zainal Abidin, the victim came across an online advertisement on Facebook in early February promoting a so-called high-return investment opportunity. Intrigued, he reached out to a male representative via WhatsApp, who then encouraged him to invest.
Victim was Told to Use the XGI Horizon App
The alleged criminal advised the victim to download the XGI Horizon mobile app, open an account, and start investing. Being carried away by the professional appearance of the app, the victim made 31 transfers between February 18 and April 24 to 10 different corporate bank accounts, each belonging to a separate company.
Fake Profits Displayed to Attract More Deposits
The app initially indicated false profits and this persuaded the victim to keep on investing. But he tried withdrawing his returns, upon which the app required more payments before it was possible to withdraw.
“Realising something was amiss, the victim grew suspicious and filed a report with the police
Penal Code Investigation Underway
The case is currently being investigated under Section 420 of the Penal Code which relates to cheating and carries potential penalties including a fine, imprisonment, and other legal consequences upon conviction.
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Source: NST Online
By – Maximus — 23/07/2025, 5:08PM
