KUALA LUMPUR: Five individuals believed to be mule account holders were detained in connection with a forex investment scam.
Bukit Aman Commercial Crime Investigation Department (CCID) director Comm Datuk Seri Ramli Mohamed Yoosuf said the individuals, in their 30s, were detained between late last year and earlier this year.
"We are still tracking down the main suspect," he told a press conference at CCID headquarters on Wednesday (March 5).
Comm Ramli said the police have received 80 police reports involving RM24.8mil in losses linked to the case.
"The scheme was started in 2019, promising 7% returns in investment monthly.
"Those interested were told to download an application to monitor their investment.
"The problem arose when the company changed their investment type from forex to cryptocurrency without investors' agreement," he said.
Comm Ramli said the victims could only monitor the performances of their "investments" without being able to make any withdrawals.
Police are investigating the case under Section 420 of the Penal Code.
"We advise the public to conduct proper checks before joining any investment scheme.
"Ensure that investment schemes are licenced by the authorities," he said.
Comm Ramli also reminded the public that most investment offers on social media are likely scams.
