KUALA LUMPUR: Police have crippled a bogus telecommunications investment scheme syndicate with the arrest of a local man.
Police secretary Deputy Comm Noorsiah Mohd Saaduddin said the 32-year-old suspect was arrested following a raid here on Wednesday (May 17).
"We seized two mobile phones, an ATM card and two cheque books believed to be used in the investment scam.
"Based on our investigations, the suspect is the mastermind of the syndicate which has been operating since 2020," she said in a statement on Friday (May 19).
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She added that the syndicate offered bogus investment schemes for SIM cards and other telecommunications service-based products.
"The investment packages were claimed to pay out lifetime returns.
"Our investigations revealed that investors only received returns for a short time before the company claimed it was suffering losses and could no longer make payments," she said.
She added that three police reports had been lodged over this scheme so far, involving about RM1.42mil in losses.
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"The case is being investigated as fraud under Section 420 of the Penal Code.
"We urge any victims out there to come forward and lodge reports," she said, adding that the suspect has been remanded for two days to assist further investigations.
DCP Noorsiah urged the public to always be cautious and conduct thorough checks before investing in any scheme offering high returns.
"More information can be obtained from Bank Negara Malaysia's Alert List, the Securities Commission, as well as https://semakmule.rmp.gov.my/ before making a decision to participate," she said.
