Man wanted for Rp 65b scam

Man wanted for Rp 65b scam

YOGYAKARTA: The city police have distributed the mug shot of a man wanted in connection with an Rp 65 billion ($28 million) scam.

The police move was taken after more than 60 people, mostly business executives from Yogyakarta and Central Java, filed complaints with the police saying that they had been cheated out of their investments by the man, identified by Antara by his initials EW.

According to the police, EW had been going around to many business executives offering attractive returns of up to 18 percent a month on their investments in the transportation sector.

He made good on his promise in the first two months, giving them checks for their profits, but most of them were duped into plowing their money back into the venture with promises of even more financial gains. He then disappeared and was never heard from again. (emb)