Couple in RM20mil investment scam nabbed

PETALING JAYA: Police have arrested a couple for masterminding an alleged scam that raked in RM20mil.

According to Federal CCID director Comm Datuk Acryl Sani Abdullah Sani, the male suspect would search for potential victims through his consultation service via advertisements on Facebook.

“The suspect would promise generous returns to his victims if they invest through his companies.

“He would claim that he was an investment agent and would offer returns of about 50-80% for each investment,” he said.

He said investment opportunities in commodity trade, stocks, and real estate were among those offered by the suspect.

“The suspect will then pass his account number for the victims to bank in their investments. But after a period of time, the investors would no longer receive the returns as promised,” he said.

The couple were arrested on Monday in Sri Petaling.

“There have been 34 reports made nationwide, and 11 investigation papers opened by the police. The estimated losses from the scam amounted to RM20mil,” he said.