Investment scam operation busted

  • Nation
  • Thursday, 10 Oct 2019

Shady dealings: Some of the 86 people arrested for allegedly being involved in an investment scam syndicate targeting victims in China.

GEORGE TOWN: A total of 79 people from China were caught red-handed operating a share market investment scam in two posh bungalows.

Police stormed into the bungalows in Logan Road and found them all hard at work on their desktops and notebooks in the living rooms.

George Town OCPD Asst Comm Che Zaimani Che Awang said the 79 Chinese nationals and seven Malaysians were suspected of running a scam targeted at victims in China.

“There were 71 men and eight women from China, and six Malaysian men and one woman. They are aged between 20 and 42.”

ACP Che Zaimani said in a statement that police seized 460 mobile phones, 55 laptops, 25 computers and 29 broadband Internet devices.

They also took 24 books full of Chinese notes.

“None of the Chinese nationals have any valid travel documents.

“During our interrogation, some of them said they were carrying out a stock investment scam targeting victims in China by using computers and mobile phones as a communication mode with the centre of operations being in Malaysia, ” he said.

ACP Che Zaimani said the head of the syndicate went by the name of Mr Wong and was believed to be in China.

“He is in charge of sending Chinese nationals to Malaysia.

“A local man who goes by the name Jackey from Kuala Lumpur is believed to be the manager of the scam in Malaysia.

“The Chinese nationals were paid 4,000 yuan (RM2,350) a month, not including their commission.

“The pay offered to locals is RM1,600 per month with commission reaching over RM10,000 a month, ” he added.

ACP Che Zaimani said the Chinese nationals had been remanded for 14 days while the Malaysians had been remanded for two days to assist in investigations.

Last year, 99 people, including a Datuk Seri in his 40s and a 14-year-old boy, were caught in a raid at a luxury office near KL Sentral for allegedly running the same investment scam targeting victims in China.

In the biggest bust of its kind in Malaysia, the suspects – 93 Chinese nationals and six Malaysians – offered “shares” from public-listed companies in China to lure victims into investing with the promise of handsome returns.

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