Melaka cops bust stock investment scam syndicate with arrest of 16 foreign nationals


MELAKA: The Melaka police busted a non-existent stock investment syndicate operated by foreigners in two separate raids here.

Melaka police chief Deputy Comm Datuk Abdul Majid Mohd Ali said his men raided two condominiums in Jalan Tun Perak and Taman Kota Laksamana on Nov 24 and 27 and detained 16 foreign nationals aged from 20 to 45-years-old.

He said with the arrests, police managed to solve 26 cases of scams involving losses totalling about RM3.2mil managed by such syndicates in the state.

"The syndicate was managed by foreigners who had turned Melaka into their call centre hub. Those detained were found to have misused their social visit passes to be involved in criminal activities," he told reporters during a press conference at the Melaka police headquarters in Bukit Beruang here Monday (Nov 27).

DCP Abdul Majid said the syndicate will create a fake stock investment website to lure customers to invest.

"They use convincing tactics to woo investors and would immediately shut down the line and delete the website if the targeted victims raised any doubts," he said.

DCP Abdul Majid said investigations showed that Melaka attracted such syndicates due to the low rental of property and good telecommunication connections.

DCP Abdul Majid said preliminary investigations found that the syndicate targeted victims from China and they identified their victims from those who already had in stock investment accounts.

He added that the case is being investigated under Section 420 of the Penal Code for fraud, Section 6(1)(c) of the Immigration Act 1959/63 for not having valid travel documents and Section 15(1)(c) of the same act for overstaying.

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