JOHOR BARU: An account manager of a private company lost RM444,000 to a stock investment scam that promised multiple profits purportedly using the “Arcadia Equity” app.
Johor Baru South district police chief ACP Raub Selamat said the 53-year-old local man lodged a police report on Thursday saying he was first contacted by a man claiming to be an investment consultant who invited him to invest in the stock market in July.
He said by the end of October, the victim started making investments through the app and transferred a total of RM444,000 into seven different accounts via 16 transactions between Oct 31 and Nov 22.
ACP Raub said when the victim wanted to withdraw the money from the account, he was asked to pay a commission of 10% or RM289,000 – which is when he realised he had been duped.
In another case, a New Zealander lost RM216,000 to a non-existent investment scheme last month.
Johor Baru North district police chief ACP Balveer Singh Mahindar Singh said in a police report lodged on Thursday, the 61-year-old man claimed a man had introduced him to a website https://m.worldcoinkk.com to join an investment scheme on Oct 2.
“The victim was promised a profit of 3% to 5% per month from the value invested to a bank account in the name of SPB International Sdn Bhd,” he said.ACP Balveer Singh said between Oct 3 and 25, the victim had made 27 transactions totalling RM216,000 before realising that he was cheated.
