Abstract:An unemployed 46-year-old woman from Selangor fell victim to a sophisticated investment scam, losing a total of RM2,219,217.83. The scam involved a fake company named Arcadia Equity Co Limited, promoted through a Facebook advertisement in August 2024.
An unemployed 46-year-old woman from Selangor fell victim to a sophisticated investment scam, losing a total of RM2,219,217.83. The scam involved a fake company named Arcadia Equity Co Limited, promoted through a Facebook advertisement in August 2024.
The Selangor police confirmed the case, revealing that the victim was tricked into transferring money after responding to the advertisement. She made 31 separate payments to 11 different bank accounts and three cryptocurrency wallets. Despite assurances of high returns, no profits were ever received.
According to Selangor Police Chief Datuk Hussein Omar Khan, the victim contacted the phone number provided in the ad and was convinced to make multiple payments. Believing she was investing in a legitimate opportunity, she continued to send funds until she realised she had been deceived. She subsequently filed a police report, and investigations into the fraudulent operation are currently underway.
Cases like this underline the growing prevalence of online investment scams, particularly those targeting vulnerable individuals through social media. Authorities have issued repeated warnings to the public about the dangers of such schemes, urging them to be cautious when presented with investment opportunities that promise unrealistic returns.
As the number of scam cases continues to rise, authorities and financial experts alike stress the importance of thorough research and caution. Tools such as WikiFX can be invaluable in ensuring that investments are made safely, empowering individuals to safeguard their finances and avoid falling prey to criminal activities. WikiFX is a comprehensive platform that allows users to verify the legitimacy of brokers and financial services providers. By offering a detailed database of global broker profiles, up-to-date regulatory information, and user reviews, WikiFX helps individuals make informed decisions before investing their money. The platform also provides risk ratings and flags unlicensed or suspicious entities, enabling users to identify potential scams. By researching brokers backgrounds and using platforms like WikiFX, individuals can better protect themselves from fraudulent schemes and avoid significant financial losses.
FizmoFX is classified as an unreliable broker according to WikiFX's assessment. Learn about the stories of traders who fell victim to fraud, where their accounts were banned, and their funds were withheld. Read this article to avoid falling into the fraud trap and protect your money.
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