IPOH: The Perak Commercial Crime Investigation Department successfully apprehended 11 suspects linked to a cryptocurrency investment scam during a raid at a hotel here on Jan 20.
The syndicate organised a seminar promoting a cryptocurrency trading bot, targeting 55 participants with promises of daily returns ranging from 0.5% to 2.2% based on the invested capital, Bukit Aman Commercial Crime Investigation Department (CCID) director Datuk Seri Ramli Mohamed Yoosuf said.
He said the suspects comprised seven local men, two Filipino men, and two local women, adding that the syndicate operated under the name "D'Luxe" and utilised an artificial intelligence (AI) robot system on an online platform to deceive investors, especially those unfamiliar with cryptocurrency trading.
He said the syndicate began promoting the fraudulent investment scheme earlier in the month and the suspects were involved in organising, sponsoring, speaking and recruiting customers during the cryptocurrency seminar.
"Most of the seminar participants were locals aged between 40 and 60. They did not understand cryptocurrency trading and were unaware that the AI Trading Bot online platform created was actually a trap to deceive investors," he told a press conference on Wednesday (Jan 24).
The raid resulted in the seizure of various items, including mobile phones, laptops, scripts, checks, and six different types of vehicles, Ramli said.
He said the suspects have been remanded until further notice, and the case is being investigated under Section 420 of the Penal Code.
Meanwhile, Ramli said Bukit Aman’s Cryptocurrency Crime Investigation Unit arrested three local men in the Klang Valley and Pahang, believed to be connected to another cryptocurrency investment scam.
He said the suspects, aged between 35 and 55, were apprehended for their involvement in a China-based cryptocurrency project named "CCGDS" in 2022.
Ramli said the complainant was promised a 50 per cent profit from the project and the suspects collected funds from 20 investors, and the complainant later discovered a loss of RM12mil.
He said the unit seized cryptocurrency worth USD54,996.8, with a current estimated value of RM259,955.80, and the three suspects have been remanded until tomorrow, with efforts out to track down other suspects still at large.
Ramli advised the public to exercise caution and conduct thorough research before participating in any investment schemes, and to seek information from reputable sources to avoid falling victim to fraudulent activities. - Bernama
