KOTA KINABALU: Eleven police reports have been lodged against an investment company here over alleged business fraud.
State police commissioner Datuk Hamza Taib said they had arrested the company's manager, a 44-year-old local man, to facilitate investigation into the case.
The man was later released on police bail.
It was reported recently that about 30 people had cried foul after failing to see their lucrative returns as promised by the company.
The group claimed to have invested more than RM2 million in a gold trading scheme with the company since 2010 and were promised high returns.
"All reports were lodged in Kota Kinabalu. We are still investigating," Hamza said at the state police headquarters in Kepayan here yesterday.
Investigations showed that the company, based in the peninsula, was registered. The company began operating here in 2010.
From the reports, Hamza said those who took part in the scheme had invested between RM3,000 and RM100,000 each.