CCID TOPPLES NON-EXISTENT INVESTMENT SYNDICATE, DETAINS SIX MULE ACCOUNT OWNERS

KUALA LUMPUR, July 23 (Bernama) -- The police have successfully dismantled a non-existent investment syndicate that actively lured victims through Facebook advertisements earlier this year, following the arrest of six individuals during several raids on July 15.

Bukit Aman Commercial Crime Investigation Department (CCID) director, Datuk Seri Ramli Mohamed Yoosuf, reported that the six suspects—three men and three women aged between 31 and 54—were detained in Kuala Lumpur, Selangor, Melaka, Pahang, and Johor.

“All of them are suspected to be company owners and company secretaries, used as account mules by the investment syndicate. Fifteen bank accounts linked to the syndicate, with a total value of RM474,395, have been frozen,” he said at a press conference today.

Ramli explained that the syndicate promised returns of up to 400 percent on investments, and after the victims made their investments, it would inform them of purported profits.

However, when the investors attempted to withdraw their funds, they were subjected to various additional fees, leading them to suspect deception. 

"A total of 48 police reports have been filed, with losses amounting to over RM21 million. The case is being investigated under Section 44 (1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001," he said.

Ramli also emphasised that any form of investment offers made through social media platforms should be regarded as fraudulent.

However, he urged chief executive officers of investment institutions who are ‘not happy’ with this statement to come forward and verify their investments on these platforms.

Ramli noted that non-existent investment fraud is among the highest categories of online scams in terms of financial losses, with 5,386 reported cases resulting in losses exceeding RM472 million in 2023. 

“This amount represents 38.7 percent of the total losses from online fraud recorded that year,” he said.

He added that a similar trend is observed this year, with 2,699 cases reported as of June, resulting in losses of over RM345 million, or 45.9 percent of the total online fraud losses.

-- BERNAMA