Police detain 'Tok Belagak' over gold investment scam

KUALA LUMPUR: Police detained the chairman of a gold investment company known as "Tok Belagak" for allegedly engaging in a fraudulent investment scheme, Monday.
Kajang district police chief ACP Othman Nanyan said five reports linking the 51-year-old man with the case had been received so far.
"A victim was said to have made an investment of RM80,900 in the scheme after finding out about it through Facebook in August last year.
"The victim realised he was being cheated when the company failed to deliver the gold to the value invested as agreed upon within the promised period," he said in a statement here, yesterday.
Othman said the complainant also said that the company had issued a memorandum of agreement for a refund but had failed to do so.
The suspect has been remanded until Thursday, he added. — Bernama