An Selma woman – who’s name was not released by the police –

answered a classified ad in The Selma Times-Journal and was bilked out of $539.89.

The ad, promising low interest loans to callers, listed a phone number.

According to the police, the woman called and was “approved” for a false loan of $10,000. She was told that to receive the money, she had to purchase an insurance policy for $539.89. When she did, she was no longer able to contact the company, which is apparently Canadian according to Selma police investigation.

Selma police have contacted the FBI in the matter, who, according to a press release, are working with their Canadian counterparts in order to investigate the matter.

In a press release issued Tuesday, the police warned the public against any such “loan” advertisement.

“The Selma Police Department strongly urges the public to use extreme caution concerning any advertisement requiring money to secure funding,” Police Chief Robert Green said. “Reputable lending institutions do not normally require large cash payments prior to loan closings.”

Green said that after making the false insurance purchase, the caller was unable to contact the parties regarding the loan.

“Apparently they would be unable to get anyone on that,” Green said.

The Selma Times-Journal, upon learning of the scheme, has since pulled the ad.