Cops: Over RM80mil lost to Zuttelo investment scam, 220 reports lodged since August

Representatives from the Malaysia International Humanitarian Organisation accompanied the victims after lodging reports at the Sentul district police headquarters, Kuala Lumpur.

KUALA LUMPUR: Police have received 220 reports involving more than RM84.57mil in losses over the Zuttelo investment scam since August 2022.

Police Force secretary Deputy Comm Datuk Norsiah Mohd Saaduddin said the Commercial Crime Investigation Department (CCID) was currently conducting an investigation into the scam.

"Since August this year, we have already received 220 reports nationwide involving RM84,579,831.76 in losses.

"The case is currently being investigated as cheating under Section 420 of the Penal Code," she said in a statement on Thursday (Dec 8).

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She said based on investigations, the syndicate began collecting investments from 2020 before its company website went offline in August this year.

"Our checks revealed the investment scheme offered nine investment packages ranging from US$630 to US$12,700 for each investment and investors were promised at least 16.5% profits monthly.

"Interested parties were made to register via an app downloaded through a website link and were given the option to either invest in money or cryptocurrency," she said.

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DCP Norsiah urged the public to be cautious and conduct thorough checks via official channels such as the “Semak Mule” app, Bank Negara Malaysia's Alert List and the Securities Commission before making a decision to invest in any scheme.

It was reported that several non-governmental organisations have urged the authorities to come down hard on an alleged online investment scam which has caused over 10,000 victims to lose billions in life savings.

Malaysia International Humanitarian Organisation Datuk Hishamuddin Hashim said the group came to the Sentul police headquarters here to represent over 180 victims in lodging police reports against the scam syndicate.

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They urged the police to take stern and swift action against this online scam syndicate.

According to their estimates, more than 10,000 victims have lost over RM3bil in total to the syndicate.

He said at first the syndicate went by another name and targeted Chinese victims but has since stopped its activities under that handle and was now going under a different name targeting Malay and Indian victims.