KULAI: A retiree has lost close to RM1mil after falling prey to an investment scam here.
Kulai OCPD Asst Comm Tan Seng Lee said the 65-year-old victim made a police report on Sunday (Dec 8) after losing RM873,000 to a non-existent investment scam.
"The victim was duped into investing in a scheme, which did not exist.
"He was told that he could get returns of between 10% and 30% within three days.
"The scammers also claimed that the money will be deposited into the victim's Arcadia Equity account, a mobile application used to dupe the suspect," he said in a statement here.
He added that the victim made a total of 19 transactions totalling up to RM837,000 to seven local bank accounts between Oct 18 and Nov 27.
"After making the payments, the victim checked his Arcadia Equity account and it showed that there is RM2.359mil in it.
"However, when the victim tried to withdraw funds from his account, he discovered that the account had been blocked," he said, adding that the case is being investigated under Section 420 of the Penal Code for cheating.
