Bogus investment scheme syndicate crippled, 10 arrested


  • Nation
  • Monday, 23 Nov 2020

KUALA LUMPUR: The police have crippled a bogus investment scheme syndicate with the arrest of 10 suspects.

Federal Commercial Crime Investigation Department (CCID) director Comm Datuk Zainuddin Yaacob said police launched a series of raids in Kuala Lumpur, Cyberjaya, Shah Alam and Kajang and arrested 10 suspects, including a local woman and an Indonesian woman on Thursday (Nov 19).

"We received 72 police reports and opened 28 investigation papers involving losses of about RM20.52mil.

"Our investigations revealed the mastermind had hired agents to find investors. They promised returns of between 5% and 8% to victims," he told reporters at the Federal CCID headquarters on Monday (Nov 23).

He said police seized a Ford Mustang, Porsche Macan, four BMW cars, an Audi, a Range Rover Evoque and two Toyota Vellfire worth RM1.21mil.

"We also seized 17 mobile phones, seven laptops, four desktop computers, 14 ATM cards, four company stamps, 40 documents connected to investments and RM10,000 cash.

"The mastermind in his 40s and his Indonesian girlfriend were arrested in a luxury condominium at Shah Alam," he said, adding that all the suspects were remanded for five days to assist further investigations.

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