KUALA LUMPUR, Jan 17 — The Selangor Commercial Crime Investigation Department is investigating another significant investment scam, this timie involving a local 54-year-old corporate manager.
According to a statement from the state police, the victim lost RM1,155,500 through a fraudulent scheme linked to "Arcadia Equity Co Limited" advertised on Facebook.
“In this case, the victim suffered a loss of RM1,155,500.00 and made a total of twenty-one transactions into nine different bank accounts,” Selangor Police Chief Datuk Hussein Omar Khan in a statement.
He added that the case is being investigated under Section 420 of the Penal Code, which addresses cheating and dishonest inducement of property delivery.
Yesterday, the Selangor police chief also disclosed another case involving the same “Arcadia Equity”, in which a jobless 46-year-old woman lost over RM2 million.
“The police have repeatedly advised the public to be more vigilant and cautious about investment scams promoted through social media to avoid becoming victims in the future,” he said today.
