KUALA LUMPUR: An investment scam syndicate active since 2015 has been duping victims into making small investments while offering huge returns.
They duped their victims by promising RM1mil in returns on an investment of just RM100.
Operating similar to a multi-level marketing scam, leaders and sub-leaders were appointed to bring in more "investors" into the fray.
Gombak OCPD Asst Comm Arifai Tarawe said they received five reports in connection with the syndicate.
"Based on these complaints, we raided a condominium unit at Jalan Bukit Idaman Selayang at around 10.15pm on Oct 16 and arrested a 54-year-old woman.
"After questioning the suspect, we learnt of the involvement of a 53-year-old man, who acted as the leader of the syndicate known as the 'Barclays Private Investment Project'," he told reporters at the Gombak police headquarters on Monday (Oct 19).
He said further questioning of the suspect revealed they had been active since 2015 and claimed to have 182 shareholders, 68 still active, under her.
"The suspect also confessed to collecting over RM2mil from investors which was funnelled into the account of the leader.
"She also claimed she would receive between 10% and 30% of the investments made," he said, adding that the case has been classified as cheating under Section 420 of the Penal Code.
ACP Arifai said police were now looking for Lukman Hakim Abdullah and Norlela Omar to assist in further investigations.
He also urged anyone else who had fallen victim to the syndicate to come forward and talk to Insp Siti Khatijah Ibrahim, the investigating officer on the case, by calling 03-6216 2222.
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