KUALA LUMPUR: A senior citizen was arrested for running an investment scam called 'Investment HSBC Bank' earlier this year.
Federal police secretary Datuk Noorsiah Mohd Saaduddin said that the 60-year-old woman offered up to 30 to 70 per cent profits from investments to lure her victims.
She said the woman also offered a stock investment scheme that promised up to 100 per cent returns within 72 hours, but did not pay out any profits once she received the money from the victims.
The police received two reports so far and traced the senior citizen as the main suspect of the scam.
"She is currently under a five-day remand order until tomorrow.
"Background checks also found she has two past records related to a diesel sales investment scam," she said in a statement today.
The case is being investigated under Section 420 of the Penal Code and Section 117 of the Criminal Procedure Code.