SIBU: A company director in his 30s lost RM1mil after being told to transfer the money in an online investment scam.
State police chief Comm Datuk Mancha Ata said the victim was enticed by an advertisement titled "ARCADIA EQUITY" on his Facebook account in November.
"After clicking on the advertisement, he was added to a WhatsApp group called 'SPDR Finance Business College,' where he began interacting with someone posing as an investment advisor," Comm Mancha said in a statement on Friday (Dec 6).
The victim was then instructed to download a mobile app called "AR Online" and create an account.
He was persuaded to transfer money in stages, eventually totaling RM1mil, to a bank account provided by the suspect.
"The victim realised he had been scammed when he was asked to make further payments and found that he was unable to withdraw any of the supposed investment profits," said Comm Mancha.
He advised the public to be cautious when dealing with online investment platforms and to verify the legitimacy of such opportunities with the relevant authorities.
The case is being investigated under Section 420 of the Penal Code for cheating.
