SEREMBAN: Police probing a share investment scam have opened 25 investigation papers nationwide involving losses amounting to RM4.2mil, says Dep Comm Datuk Ahmad Dzaffir Mohd Yussof.

       The Negri Sembilan police chief said the scheme offered under the name of a single company promised investors two to five per cent returns every month.

       "Negri police opened two investigation papers earlier this month for two cases reported in the state in March," he said.

       "We have so far arrested two bank account holders, both aged 44, and are looking for more suspects," added DCP Ahmad Dzaffir in a statement on Thursday (July 13).

       He said a male suspect was arrested in Kuala Lumpur and the second, a woman, in Sabah.

       He said in the first case reported on March 2, a 71-year-old man from Port Dickson lost RM550,000.

       The victim heard about the scheme via Facebook and WhatsApp and then transferred the cash into two bank accounts.

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       On March 3, a 49-year-old woman here who also came to know about the scheme via social media, lost RM132,688 after she transferred the cash into five bank accounts.

       Both cases are being probed under Section 420 of the Penal Code which carries a jail term of between one and 10 years, whipping and a fine, upon conviction.

       "Police would like to advise the public not to be easily influenced by schemes offering high returns.

       Also, it is good to check the background of the companies offering such schemes with authorities such as the police or Bank Negara before investing," he said.

       DCP Ahmad Dzaffir said those who realise they have been scammed should quickly report the matter to the National Scam Recovery Centre hotline at 997.