ARAU: Police have uncovered an illegal property investment scheme after arresting four individuals including three company directors at separate locations in Arau since yesterday.
Arau police chief Superintendent Ahmad Mohsin Md Rodi said the arrests of the suspects in their 30s and 50s, were carried out at three separate raids including the company's office located at Medan Pekan here.
He said the raids were carried out following a police report lodged by a factory worker on Nov 8, claiming that he had invested with the company.
"The 31-year-old victim claimed that the investment agent has offered him to invest in a property investment scheme with high monthly dividends based on a subleasing concept.
"The victim said at the beginning, he has been getting a monthly dividend for several months but the company then stopped paying the dividends. The complainant has yet to recoup his investment.
"The victim subsequently lodged a police report as he felt that he had been cheated," Mohsin told reporters after leading the raid in Medan Pekan today.
He added that the state Commercial Crime Department has opened three investigation papers under Section 420 of the Penal Code for cheating.
"The cases involved losses amounting to RM39,000 and checks showed that the company did not obtain an approval from Bank Negara Malaysia to run its operation.
"Three company directors, one of them a woman, have been arrested at two separate locations in Arau while an agent has been arrested at Medan Pekan," he said.
Mohsin said police believed the amount of losses was beyond RM39,000 following the discovery of 1,255 files containing details of investors from Penang, Kedah and Perlis.
"The company has branch offices in Penang, Kedah and Perlis. It was offering investment schemes involving various properties nationwide beside investments in facility management and agriculture.
"The complainants claimed that the company management was giving all sorts of excuses after failing to pay the dividend promised to them," he said.
Police have seized five desktop computers, files and a cheque book during the raids.
Mohsin said one of the company directors has been handed over to Penang police for further investigation while the remaining three suspects are currently detained in Perlis.