Investment scam syndicate dupes victims of RM11.4mil

KUALA LUMPUR: A scam syndicate, which posed as the Goldman Sachs investment firm, has duped victims of RM11.4mil.

Bukit Aman Commercial Crime Investigation Department (CCID) director Comm Datuk Seri Ramli Mohamed Yoosuf said 12 people were nabbed following raids in Selangor, Johor, Negri Sembilan, Perak, Kedah, Penang and Sarawak on April 29.

"We raided various premises after 41 reports were lodged by victims, who lost RM11.39mil," he told a press conference at CCID HQ here on Friday (May 3).

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He said the 10 men and two women detained are locals, aged between 21 and 45. Among them is a company director.

Initial investigation revealed that the syndicate, which had been active since February, had used the name of Goldman Sachs to dupe victims, said Comm Ramli.

"The syndicate used Facebook and WhatsApp to promote the scheme and communicate with victims, who were offered returns of between 15% and 200% a month," he said.

He said the victims were required to download two applications – Bam Pro and Baly Pro.

"They were instructed to transfer funds to an account belonging to a mule company set up by the syndicate.

"The victims only found out they were duped when they could not withdraw the returns and profits obtained," he added.

Comm Ramli said 29 investigation papers (IP) had been opened.

"We discovered 19 bank accounts that have been used by the syndicate as mule accounts," he said.

He said police are proving the case under Section 420 of the Penal Code for cheating, added that the suspects, who were remanded until Thursday (May 2), had been released on police bail.

He advised the public to not be easily duped by investment schemes with rewards that are too good to be true.