What commission was demanded before the victim realised he was duped?

Question

Accepted Answer

A 10 Per Cent Commission Was Demanded Before the Victim Realised He Was Duped

An account manager lost RM444,000 to a stock investment scam after being asked to pay a 10 per cent commission to withdraw his purported profits. The victim had invested through the ‘Arcadia Equity’ app, believing his account showed a substantial profit of RM3,163,460.43. It was when he was asked to pay the RM289,000 commission that he realised he had been defrauded.
First Victim's Investment Details

The first victim, a 53-year-old account manager, was initially contacted in July by an individual posing as a stock investment consultant. Between October 31 and November 22, he made a series of 16 transactions, transferring a total of RM444,000 into seven different bank accounts. These funds were purportedly for stock investments managed via the ‘Arcadia Equity’ application.
Demand for Commission to Access Funds

Following his investments, the victim's account displayed an impressive profit of RM3,163,460.43. However, when he attempted to withdraw these funds, he was informed that a commission of 10 per cent was required. This demand amounted to RM289,000, a sum that alerted the victim to the fraudulent nature of the scheme.
Police Investigation Under Penal Code

Both this case and a separate scam involving a New Zealander are currently under investigation by the authorities. The investigations are being conducted under Section 420 of the Penal Code, which deals with cheating and dishonestly inducing delivery of property. The first victim's case highlights a common tactic used in investment scams to prevent victims from accessing their money.

Reading history

Hide →

This history is cleared when the page is closed.

What commission was demanded before the victim realised he was duped?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

1

0

0

Share with friends