He was first lured by a con artist into buying a ring for RM2,000 in September, but ended up paying a total of RM393,500 (S$160,000) to perform a series of rituals in rented houses or hotels.
Ampang Jaya OCPD Asst Comm Khairuldin Saad said during the rituals, the victim was required to offer prayers and money to a "genie".
"He purchased three suitcases to put in 519 bundles of paper resembling dollar bills.
"He then added real money into the mix as part of the ritual," he added.
ACP Khairuldin said the victim had been paying the con man every month since September but lodged a police report early this month after not getting the promised money.
Acting on a tip-off, police arrested a Georgian national in a recreational park in Pandan Indah at about 9pm last Friday.
ACP Khairuldin said the man admitted to scamming the business owner and led police to a premise in Taman Cahaya Indah where the three suitcases and ritual paraphernalia consisting of candle sticks and pieces of cloth were found.
Police also seized the man's mobile phone.
The case has been classified as cheating under Section 420 of the Penal Code.
In a separate incident, police nabbed a Congolese woman for conning an incapacitated man of RM10,000.
ACP Khairuldin said the woman approached the man, who is in his 30s, late last month in Ampang Point to introduce him to a gold investment scheme.
"She promised the man that he would get a 15 per cent to 20 per cent return on his investment in two weeks and he invested RM10,000 in the scheme," he said.
ACP Khairuldin said the man, who lost his job as a ship welder due to chronic back pains, lodged a police report after realising he had been conned.
"We arrested the woman in her Taman Kosas residence at 10pm Monday.
"Her four-year-old daughter, who was in the house during the arrest, was handed over to the welfare department," he said.
The case is being investigated under Section 420 of the Penal Code for cheating.