SIBU: The long arm of the law has finally caught up with a man suspected to be involved in an RM4.5mil insurance investment scam.
The 44-year-old man was arrested in Kuching and sent here at about 10pm on Wednesday. His wife, 40, who was also a suspect, is however still at large.
The man was yesterday produced in court here and ordered to be remanded for two days to facilitate police investigation.
A total of 163 victims had lodged up to 84 police reports over the past few weeks, claiming that they had been cheated by the husband-and-wife team.
The duo had used the names of three insurance companies to deceive the victims to take up insurance policies such as life, medical-card and investment schemes.
All of the victims were mostly senior citizens.
They were attracted by the high returns offered of between 8% and 14% per annum.
They had earlier sought police assistance to nail down the suspects. Some of the victims were even close friends of the suspects.
The duo had fooled the victims by setting up accounts of their sub-agents with different codes, which eventually ended up in the final account controlled by themselves.
After the victims had made payments for the “premium”, the suspects would issue fake insurance policies, receipts and the policies bearing faked signatures.
Two insurance companies, which the suspects had issued fake policies and receipts from, had also lodged police reports.