Two Victims Lose Over RM660K in Investment Scams

Two individuals recently fell victim to fraudulent investment schemes in Malaysia, losing a combined total of RM660,000.

In the first case, a 53-year-old account manager from Johor lost RM444,000 in a stock investment scam. According to Johor Bahru South district police chief ACP Raub Selamat, the victim was approached in July by someone posing as a stock investment consultant. The consultant introduced him to an app called Arcadia Equity, which allegedly promised substantial profits.

Between 31 October and 22 November, the victim made 16 transactions, transferring RM444,000 to seven different accounts linked to the scheme. His account on the app later showed a profit of over RM3.1 million. When he attempted to withdraw the funds, he was informed that a 10% commission of RM289,000 was required. Realising he had been deceived, the man reported the scam to the police.

In a separate incident, a 61-year-old New Zealand national residing in Malaysia lost RM216,000 to another fraudulent investment scheme. Johor Bahru North district police chief ACP Balveer Singh Mahindar Singh revealed that the victim was contacted on 2 October by an individual promoting an investment opportunity through the website https://m.worldcoinkk.com.

The victim was promised monthly returns of 3% to 5% on his investment, which he was instructed to deposit into a Hong Leong Bank account under the name SPB International Sdn Bhd. Between 3 and 25 October, he made 27 transactions totalling RM216,000. After receiving no returns, he realised the scheme was a scam and filed a police report.

Both cases are being investigated under Section 420 of the Penal Code, which addresses offences related to cheating. Convictions under this section can result in imprisonment of up to ten years, whipping, and fines.

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