ALOR SETAR: Police arrested a company director to help in the investigation of an investment fraud case involving more than RM11mil a few years ago.
Acting Kota Setar OCPD Supt Syed Basri Syed Ali said the 57-year-old man was arrested when he appeared at the Kota Setar police headquarters to give statements at about 4.30pm on Monday (Dec 4).
"The modus operandi of the company works through investments based on property development as well as asset and liability management. It claims to have 10 projects carried out under the company.
"However, checks showed that the company does not have any permission or approval from Bank Negara Malaysia (BNM),” he said here on Tuesday (Dec 5).
He said police were investigating the case under Section 420 of the Penal Code for committing fraud.
Bernama reported on Nov 30 that 80 victims of an investment scheme fraud urged police to take immediate action against an investment company, previously based in Kedah, for cheating them of over RM11mil in total.
Malaysia International Humanitarian Organisation (MHO) secretary-general Datuk Hishamuddin Hashim was reported to have said that all the victims, most of whom are from Muar, Johor, Perlis and Kedah, have lodged police reports since March this year.
The company is said to be little known but has branches in several states, including Johor, Melaka, Kedah and Perlis, offering a programme of real estate leasing to investors with handsome dividends within 45 days.
Hishamuddin, along with the victims' representatives, held a closed meeting with Bukit Aman Commercial Crime Investigation Department director Datuk Seri Ramli Mohamed Yoosuf, and it is understood that police have opened 15 investigation papers about the case.- Bernama