KUALA LUMPUR: Police have received at least 15 reports over a bogus oil and gas investment scheme going by the name “Brunei Investment Agency (BIA)”.
Dang Wangi OCPD Asst Comm Mohamad Zainal Abdullah said victims were approached online via Facebook.
"Our investigations revealed that there were two packages offered, a short-term segment which promised returns within seven to 30 days while the long-term segment promised returns within two to four months.
"A WhatsApp group was also created to give information to investors on their investments," he said in a statement on Tuesday (April 20).
He said victims were promised returns of at least 200% of their investment.
"The syndicate accepted investments from as low as RM120.
"The investors also created a WhatsApp group to look for downlines and were promised 10% commission from the investments they managed to acquire," he said, adding that the scheme began in October 2020.
He said the alleged fraudulent activities of BIA were detected on April 16 when the admin of the WhatsApp group could not be contacted for feedback.
"Our investigations revealed victims had invested at least RM508,005 so far.
"We are now tracking down the suspects involved," he said, urging the public to not be so easily duped by such schemes and to always check the background of a company prior to making any investments.
He also urged anyone with information on the case to contact the Dang Wangi Commercial Crime Investigation Department at 03-260 0222 or the City police hotline at 03-2115 9999.