KUALA LUMPUR: Police yesterday arrested the chairman of a gold trading company for allegedly scamming an investor of more than RM80,000 in 2014.
Kajang district police chief Assistant Commissioner Othman Nanyan said the 51-year-old man, known by his nickname ‘Tok Belagak’ was arrested following a report lodged on Friday.
“We have obtained a remand order for the suspect until Thursday,” he said in a statement.
Othman said the victim found out about the gold investment business through social media but later realised that he was scammed after noticing that no payments had been made to him, as promised.
“The victim found out about the gold investment business through Facebook in August 2014. He was introduced to an agent, and the investment was made under a gold trading company, helmed by the suspect.
“The victim was interested. He invested RM80,900 and was promised a return shortly,” he said, adding the victim never received any returns.
Othman said Tok Belagak’s company had issued a memo, promising that it would return the money to the victim but failed to do so.
Checks, said Othman, revealed that five reports have been lodged against the man in the district.
On Sept 17, more than 20 individuals gathered in front of the federal police headquarters in Bukit Aman, claiming that they had been duped by the same company of more than RM2 million.
The company was said to have sold their gold at lower prices compared to the market price.
It was reported that the company was no longer operating and the owner has been declared bankrupt.