12 held for investment scam involving losses of RM11mil
Published on: Saturday, May 04, 2024
By: Bernama
Police arrested 12 individuals for their alleged involvement in a fraud syndicate that posed as Goldman Sachs investment firm, involving losses exceeding RM11 million, on Monday.
Kuala Lumpur: Police arrested 12 individuals for their alleged involvement in a fraud syndicate that posed as Goldman Sachs investment firm, involving losses exceeding RM11 million, on Monday.
Bukit Aman Commercial Crime Investigation Department director Datuk Seri Ramli Mohamed Yoosuf said the suspects, aged between 21 and 45, were nabbed in Selangor, Johor, Negeri Sembilan, Sarawak, Perak, Kedah and Penang under Op Nuri 7/24.
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“The suspects acted as company directors and owners of businesses used as mole accounts in the investment fraud activities.
“Our investigation revealed that this syndicate has been operating online since February, using the name of the world-renowned investment firm Goldman Sachs to deceive victims,” he told a special media briefing at the KPJ Tower here.
He said the group’s modus operandi involved using social media platforms such as Facebook and WhatsApp as mediums for marketing and communicating with the victims.
“This investment scheme offers high returns ranging from 15 to 200 per cent per month. Profits are guaranteed through guidance and assistance from market analysis experts or ‘Cikgu Trader’,” he said.
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According to Ramli, victims were asked to download the ‘Bam Pro’ and ‘Baly Pro’ applications from App Store and Google Store before being instructed to transfer funds to the mole accounts set up by the syndicate.
“Victims only realised they had been deceived when they failed to withdraw the profits they had earned,” he said.
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Ramli said police also seized eight units of mobile phones, one pouch bag, two copies of the Companies Commission of Malaysia certificate, a copy of the business registration form, and five copies of Form A (registration of business).
He said 29 investigation papers have been opened, and 19 bank accounts involving three companies and 16 businesses have been identified as mule accounts.
“All suspects were remanded for three days until yesterday and the case is being investigated under Section 420 of the Penal Code,” he said.
Meanwhile, a total of 10,106 commercial crime cases involving losses of more than RM866 million were recorded from January to April 28 this year, said Ramli.
He said this number was equivalent to an average of 85 cases a day.
“Compared with the same period last year which recorded a total of 10,931 cases and a loss value of more than RM534 million, the percentage of cases for this year recorded a decrease of 8.2 per cent. However, the value of the loss recorded an increase of 62.1 per cent,” he said.
He said from the aspect of charges, a total of 4,880 investigation papers were charged in court during the same period, compared with 4,598 cases for the same period last year.
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