Investment Scam Syndicate Busted In Puchong, 10 Held

SERDANG, June 23 (Bernama) -- Police have arrested 10 individuals believed to be involved in a foreign currency investment scam that caused losses amounting to RM399,787, in a raid at a premises in Bandar Puteri, Puchong last Friday.

Sepang police chief ACP Muhamad Farid Ahmad said the suspects, comprising seven men and three women aged between 21 and 38, were believed to have assumed various roles, including managers, platform developers, customer service agents and administrators handling company documents.

He said initial investigations revealed that the syndicate had been operating for the past six months, targeting both local and foreign victims.

“The syndicate allegedly offered lucrative returns on initial investments to gain victims’ trust to continue investing through a self-developed app.

“It operated under two unregistered companies, and police are currently investigating another company believed to have been used to facilitate fund transfers from victims,” he told a press conference today.

Muhamad Farid said checks on the application revealed a total of 2,597 individuals believed to have fallen victim to the scam, comprising 2,482 Malaysians, 111 Indonesians and one each from India, Mongolia, South Africa and Bhutan.

“During the raid, police seized three computer monitors, two CPUs, six laptops, 14 mobile phones and a Wi-Fi modem, all believed to have been used in the illegal operations, with a total seizure value estimated at RM45,000,” he said.

He said none of the suspects had prior criminal records and all tested negative for drugs.

“The suspects were initially remanded for one day and released on police bail, but have since been re-arrested in connection with a report lodged in Taman Melawati,” he said, adding that the case is being investigated under Section 420 of the Penal Code and Section 137(1) of the Financial Services Act 2013.

-- BERNAMA