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July 16, 2020

Fake investment syndicate mastermind on the run following raids

KUALA LUMPUR: Federal police are on the hunt for the mastermind behind a fake investment syndicate after shutting down its operations in a series of raids this week.

Acting Commercial Crimes Investigation Department director Comm Datuk Saiful Azly Kamaruddin said 22 reports had been lodged against the syndicate, which had been active since March.

“On July 14, between 5pm and 2am, we arrested 10 suspects, aged between 19 and 31.

“They were caught in various areas in the Klang Valley, including Seri Petaling and Dang Wangi.

“Initial investigations showed that the group offered four options in promising high returns for low investments,” he told a press conference at the department headquarters on Thursday (July 16).

Comm Saiful said the raids also saw the seizure of various vehicles, including a Lamborghini sports car.

He said they collected investments ranging from RM800 to RM4,800, with promised returns from RM10,800 to RM54,000 within two days.

“The syndicate also offered lucky draw gifts, including cars, vacations and electronic goods, worth around RM100,000.”From the 22 reports lodged, losses were estimated to be around RM200,000,” he said.

Comm Saiful said investigations also showed that the syndicate members told the victims that their money would be invested in the oil and gas sector.

He said most of the syndicate members were young and smart, but used their talents for unscrupulous purposes.

“Background checks showed at least six of them had been involved in a scratch-and-win scam before this.

“We are now tracking down the mastermind,” he said.

Comm Saiful urged the public to be mindful and to check with the authorities first should they have any doubts about making such investments.

Photo and news source: thestar.com.my

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