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BALIK PULAU: Police arrested a man for being involved in a vehicle engine oil investment scheme which resulted in a victim losing RM240,000 in an incident here recently.

Barat Daya district police chief Supt Kamarul Rizal Jenal said a businessman, 51, was arrested in Bayan Lepas yesterday to assist in the investigation.

“Based on the report, a 24-year-old woman, a company general manager, was introduced to the man by her adoptive father to invest in the suspect’s company,“ he said when contacted by Bernama today.

“The victim was agreeable and made a money transfer of RM240,000 as she was promised a profit of RM50,000 each month but she only received RM1,000.”

He said when the victim realised she had been duped after not receiving any profit since investing last June, she lodged a police report after which the suspect was arrested for further investigations.

As a result of the preliminary investigations, it was found that the man had used the money invested by the victim to carry out another new project because the engine oil project could not be carried out due to a negotiation problem with the project contractor.

“The man is now under remand until March 17, and the case is being investigated under Section 420 of the Penal Code for cheating,“ he added. - Bernama