Fraudulent Investment Scheme in Malaysia Caused Victims Over RM3.37 Million

A serious investment scam is being investigated by the Commercial Crime Investigation Department in Selangor, Malaysia. The victim was an unemployed woman who lost about RMRM2,219,217.83 in a fraudulent investment scheme.

In August 2024, the victimized woman was lured into investing in Arcadia Equity Co Limited after seeing an advertisement on Facebook. However, this was not an actual company.

The victim contacted the phone number left on the advertisement and was lured into transferring money to the scammer several times by the so-called high profits.

According to the police, “The victim made 31 transactions to 11 different bank accounts and three cryptocurrency accounts but received no returns as promised.”

And she wasn't the only victim of this fraudulent company. Just a day after the woman's report, police received another report of a victim.

The 54-year-old business manager also saw an advertisement for Arcadia Equity Co Limited on Facebook and lost money due to the fraudulent scheme.

The manager made 21 transfers to nine different bank accounts totaling RM1.1555 million.

The police cautioned, “The police have repeatedly advised the public to be more vigilant and cautious about investment scams promoted through social media to avoid becoming victims in the future.”

_{SC Malaysia warned Arcadia Equity}