KUALA LUMPUR: A senior citizen has been arrested for being the alleged mastermind of a bogus investment scheme.
Police secretary Deputy Comm Datuk Noorsiah Mohd Saaduddin said two reports were lodged about the scheme.
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"The 60-year-old woman was arrested by the Commercial Crime Investigation Department on Thursday (May 25).
"Based on our investigations, the suspect has priors for two investment scam cases involving the sale of diesel," she said in a statement on Monday (May 29).
She added that checks revealed that the investment scheme began operating early this year, offering between 30% and 70% returns on investment.
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"Our checks also found that the scheme also offered share slots which promised profits of up to 100% within 72 hours.
"However, Investors realised shortly after they transferred money that the promised profits were never paid," she said, adding that the case has been classified as cheating under Section 420 of the Penal Code.
DCP Noorsiah said the suspect has been remanded for five days to help with investigations.
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"We urge the public to always be cautious and to conduct detailed checks before participating in any investment schemes 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 anyone makes the decision to participate," she said.
