KULAI: A retiree lost RM873,000 after falling victim to a non-existent investment scam in October.
Kulai District police chief ACP Tan Seng Lee said the 65-year-old man was interested because the investment promised returns of between 10 and 30 percent within three days.
He said the suspect claimed that profits from the investment would be deposited into the victim's Arcadia Equity account application.
"The victim was attracted to the promised lucrative returns and made 19 transactions worth RM873,000 to seven local bank accounts from Oct 18 to Nov 27.
"After the payments were made, the victim checked his Arcadia Equity account and found that the amount shown on the application was RM2,359,863.30," he said in a statement today.
However, when the victim wanted to withdraw money from the application, he found that it had been blocked.
Realising that he had been scammed, the victim lodged a police report yesterday and Tan said the case is being investigated under Section 420 of the Penal Code for cheating.-- BERNAMA