Investment scam syndicate busted, 29 suspects nabbed

KUALA LUMPUR: A syndicate operating dubious investment schemes has been busted with the arrest of 29 people in four states.

Police secretary Deputy Comm Datuk Noorsiah Mohd Saaduddin said 19 men and 10 women, aged between 24 and 38, were nabbed by the Bukit Aman Commercial Crime Investigation Department (CCID) in raids in Selangor, Perak, Johor and here on Feb 21.

Nine vehicles, 75 mobile phones, 14 laptops, RM14,501 in cash and 73 ATM cards were among the items seized in the operation, she added.

“We believe the syndicate has been active for several months. They are behind a few fake investment schemes purportedly offering high returns,” she said in a statement yesterday.

The schemes suspected to have been run by the syndicate, which lured its victims via social media sites, include Alpha Mineral Global, Asia Investment VIP, and Max Profit.

“Those arrested have been remanded for further investigations.

“The case is classified under Section 420 of the Penal Code (for cheating),” said DCP Noorsiah.

She added that police believed the number of victims was low as these schemes were newly created.

“We hope victims can come forward and lodge reports at the nearest police station.

“The public should be vigilant and perform various checks before investing in any schemes that promise high returns,” she advised.

She also reminded people to get further information from verified sources such as Semak Mule, Alert List Bank Negara Malaysia and the Securities Commission before joining any investment schemes.