KUALA LUMPUR: Police have detected the existence of a fraudulent investment scheme on Facebook that promises profits within three to six hours, and falsely associating itself with Malaysian Industrial Development Finance Bhd (MIDF).
Bukit Aman’s Commercial Crime Investigation Department (CCID) director Datuk Seri Ramli Mohamed Yoosuf said a police investigation found that the fraudulent investment attempted to impersonate MIDF by offering eight investment packages from as low as RM300 and up to RM5,000. Investors were promised returns between RM13,999 and RM99,999.
“Investment money is paid through a private bank account believed to be a mule account. This syndicate also uses the MIDF logo, a company owned by Malaysia Building Society Bhd (MBSB), to scam victims.
“As of now, 72 police reports have been received from victims of this fraudulent scheme involving a total loss of more than RM2mil,” he said in a statement here yesterday, reported Bernama.Ramli said the case was being investigated under Section 420 of the Penal Code (for cheating) and reminded the public to be vigilant and carry out more detailed checks before participating in any investment scheme, notably one that promises too much profit.
He said the use of a private bank account to receive investment money is also a red flag that the investment scheme is dubious.“For the record, the Securities Commission and Bank Negara Malaysia have listed this ‘MIDF Investment’ scheme in their respective alert lists,” he added.
