Syndicate gains millions from fake portfolios

PETALING JAYA: Tens of millions of dollars were lost after an international syndicate with bases in the country successfully scammed overseas victims with fake investment portfolios in the past few years.

A joint operation by the Malaysian Anti-Corruption Commission (MACC) – together with the Immigration Department, Inland Revenue Board and Cyber Security Malaysia – led to the arrest of 81 suspects including British and Philippine nationals.