Two retirees in Penang lost a combined RM1.15 million in separate online investment scams promoted via Facebook and Instagram, police confirmed.In the first case, a 55-year-old man was lured by a Facebook ad in April that promised high returns. After contacting a woman via WhatsApp and using a company’s app, he transferred RM827,120 across 22 transactions to six company accounts. He realised it was a scam after failing to withdraw RM23 million in supposed profits.The second case involved a 56-year-old retired factory technician who found an investment ad on Instagram last December. He was promised 30% returns in three months and initially received RM14,150 in returns after his first RM20,000 transfer. Encouraged, he made 11 more transfers totalling RM321,250. When he tried to withdraw RM280,000 in profits, he was asked to pay a RM120,000 “withdrawal fee” and realised he had been cheated.Both cases are under investigation for cheating under Section 420 of the Penal Code.