7,600 lose RM90m in investment scam
Published on: Friday, May 20, 2016
Kuala Lumpur: A total of 7,600 individuals have become victims of the fund investment fraud syndicate operating under the name of Federal Reserve Chicago Bond involving losses of over RM90 million in the country.Bukit Aman Commercial Crime Investigation Department (Investigation) Deputy Director Datuk Tajudin Md Isa said initial investigations revealed that the suspects deceived the victims who are mostly locals."The victims were promised high returns for every investment done, unfortunately the victims never receive any profits promised after they made an investment," he said in a statement here, Thursday.
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Tajudin said the police was in the process of tracing other individuals after the existence of this syndicate was detected.Hence, he urged members of the public with any information on these activities to come forward to assist in investigations or contact directly investigating officer DSP Nooranita Ismail at phone line 019-4814459 or 03-26101222.He said the case was being investigated under Section 420 of the Penal Code for cheating.Meanwhile, in PADANG BESAR, two men were arrested by the state National Border Security Agency (Aksem) under suspicion of money-laundering activities involving a sum of RM2.4 million.
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It was learnt that 48,000 pieces of RM50 notes were found in two boxes bearing coffee brand labels in the back of an Audi Q7, a luxury SUV driven by the suspect during an inspection at a roadblock at Jalan Ulu Pauh- Padang Besar about 6.30pm on Wednesday.According to a source, the suspects, aged 19 and 54, who were heading from Padang Besar to Chuping, had made a verbal declaration that the money was to be transported to Penang.
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