ALOR SETAR – Kedah police have detained a trader here over an alleged forex scam involving more than RM3.5mil.
Kedah commercial crime investigation department chief Supt Chan Teck Paing said the 43-year old suspect was arrested in front of the Kota Sarang Semut Bank Simpanan Nasional branch at 4.30pm on Monday.
“The man from Sg Limau Dalam, Yan will be investigated under Section 420 of the Penal Code for cheating,” he said.
The suspect allegedly scammed investors by offering more than 50% returns on investments, which was never fulfilled.
He has been remanded for further investigation.