Man held over fraud forex scheme involving RM3.5 mln

JITRA: The police have arrested a man on suspicion of having cheated at least 10 people in Kedah of RM3.5 million in an alleged foreign exchange investment scheme.

Kedah police deputy chief DCP Sahabudin Manan said yesterday the 43-year- old man was picked up in front of a bank in Kota Sarang Semut at 4.30pm on Monday after a 24-year- old man lodged a police report claiming he was cheated of RM50,000 by the suspect.

The police seized two ATM cards and a handphone from him, he said at a press conference at the Kubang Pasu police headquarters here.

Sahabudin said the suspect, who hailed from Sungai Limau, Yan, was being held under remand for four days from today for investigation under Section 420 of the Penal Code.

He said the suspect promised his victims a return of 50 per cent of their investment every fortnight but so far none of them had received any money from him.

It is believed that he had cheated at least 10 people, but police suspect more people could have fallen victim and have yet to lodge reports.

Sahabudin said the suspect did not advertise his activity or use social media applications but passed on his message through word of mouth.

He advised the people against being easily influenced by socalled investment schemes which promised huge returns in a short time. — Bernama