KUALA LUMPUR: Forty people including nine women were detained in a three-day operation for alleged involvement in an illegal investment scheme called 'Yomaex' targetting crypto enthusiasts.
Federal Commercial Crime Investigation Department director Datuk Seri Ramli Mohamed Yoosuf said the case involved losses totalling RM 50.6 million and this syndicate targetted just about anyone.
The operation was from Oct 29-31.
Speaking to reporters today, he said police have so far opened 76 investigation papers on this illegal crypto investment syndicate with all victims ranging between the ages of 22 to 81.
"The victims are people who come from various career backgrounds with a majority being retirees and businessmen.
"Based on the preliminary investigation, this scheme offers cryptocurrency-based investments with high profit returns in a short period of time.
"Every investor who joins the scheme will be given access to monitor transactions carried out through the system operated by the company".
He said the system allowed victims to keep track of their investment's growth and profits it generates, but they were not allowed to make any withdrawals.
"So far, investigations identified 63 bank accounts used by this fraud syndicate, involving 32 companies and 19 businesses.
"We believe these companies and businesses are registered solely for the operation of this fraud scheme," Ramli said.
He said the three day operation nationwide led to the arrest of 40 people comprising 31 men and nine women aged between 20 and 55 for alleged fraud activity.
"Out of a total, 38 of them played the role of business owners, company directors and company secretary to facilitate the syndicate's operation. The remaining two individuals are bank officers and mule account finders or agent".