SHAH ALAM – A private company manager, 54, lost RM1.15 million to a fraudulent investment advertised on Facebook, according to Selangor Police Chief, Datuk Hussein Omar Khan.
Investment Scam
The victim was duped by an advertisement promoting an investment scheme called ‘Arcadia Equity Co Limited.’ The scam resulted in 21 transactions to nine different bank accounts. Police have urged the public to be cautious of social media investment offers to avoid falling victim. The case is being investigated for cheating under Section 420 of the Penal Code. The investigation is ongoing.
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