JOHOR BARU: A 53-year-old account manager here lost RM444,000 after falling for an online investment scam.
Johor Baru South OCPD Asst Comm Raub Selamat said the victim was lured by promises of lucrative returns through the “Arcadia Equity” application.
“The scam began in early July when the victim received a call from a man claiming to be an investment consultant.
“The suspect convinced him to invest in the stock market and later added him to a WhatsApp group 'SPDR VIP35' supposedly linked to the investment scheme.
“By late October, the victim started making investments via the Arcadia Equity app, transferring RM444,000 into seven different accounts between Oct 31 and Nov 22,” he said in a statement on Friday (Nov 29).
“Initially, (his investment) showed extraordinarily high returns, with his account displaying a profit of RM3,163,460.
“However, when he tried to withdraw his profits, he was told to pay a 10% commission or RM289,000 before the funds could be released,” he said.
Realising he had been duped, especially after receiving warnings from others in the WhatsApp group about the scheme being shut down, the victim made a police report.
The case is being investigated under Section 420 of the Penal Code for cheating, which carries up to 10 years imprisonment, caning and fines upon conviction.
ACP Raub urged the public not to fall for investment opportunities that promise high returns with minimal effort.
“Verify any investment offer and consult reliable sources before making payments. Suspicious schemes should be reported immediately to the authorities, he said.
He also cautioned bank account holders not to lend or sell them to third parties as it is an offence under Section 424B of the Penal Code.
“Use tools such as the Semak Mule application provided by the Commercial Crime Investigation Department (CCID) to verify suspicious phone numbers and bank accounts,” he added.
For updates on the latest criminal tactics, the public is encouraged to follow CCID’s social media platforms, including Facebook, Instagram and TikTok.
Scam victims are advised to contact the National Scam Response Centre (NSRC) via its 997 hotline as an immediate measure to block the suspect’s accounts and stop money from being transferred out.
To report any information related to this case, contact the nearest police station or call the Johor police hotline at 07-2212999.
