KUALA LUMPUR: The case of a fake investment syndicate which uses the premise of a former foreign consulate as its headquarters was successfully raided in an operation last week.
Bukit Aman Commercial Crime Investigation Department (CCID) director Datuk Seri Ramli Mohamed Yoosuf revealed that the raid, which was done at a bungalow, had successfully detained 28 suspects believed to be members of the syndicate.
He added that the premise was also equipped with armed guards and had signage of foreign consulates, presumably to deceive the authorities.
"The syndicate offers an investment package based on a 'money game' concept that promises substantial returns in a short period.
"There are seven investment packages offered, ranging as low as 155 cryptocurrency units (USDT) to 31,000 USDT.
"The promised returns are based on daily returns, ranging from one to two per cent over a period of 155 days through online transactions operated by the syndicate," he said at a media briefing at the Bukit Aman CCID office, today.
Ramli said that the syndicate was believed to target victims from Malaysia, South Korea, Brunei and China, where the operations commenced after the premise was vacated by the foreign consulate.
At the same time, he added that the 28 suspects involved 16 men and 12 women.
Of this total, 13 were foreigners, where seven were from China, four from Brunei and South Korea respectively, he said.
He added that Malaysian suspects were released on police bail while investigation was being completed, whereas foreign nationals were remanded under Immigration Act 1959 until Dec 8.
"Meanwhile, items seized included laptops, 41 mobile phones, 13 passports, brochures, documents, access cards, as well as a car to assist the investigation, in line with Section 420 of the Penal Code."
He also noted that only five companies in Malaysia were authorised by the Securities Commission to conduct crypto-related transactions.
"They are Luna Malaysia Sdn Bhd, HATA Digital Sdn Bhd, MX Global Sdn Bhd, SINEGY DAX Sdn Bhd and Tokenize Technology (M) Sdn Bhd."