KUALA LUMPUR: The Royal Malaysian Police (PDRM) are investigating two investment scams that are actively looking for victims on Whatsapp and Telegram that have incurred losses of nearly RM2 million.
PDRM secretary Datuk Noorsiah Mohd Saaduddin said as of yesterday, the police have opened 22 investigation papers on BTC Financial Trading/ Finance Trader investment scheme and 48 investigation papers on Smart Trader Best Exchange investment scheme.
“Losses as of yesterday amount to RM708,400 for the BTC Financial Trading / Finance Trader scam while for the Smart Trader Best Exchange scam, losses are at RM661,672.16,” she said in a statement today, adding that all the cases are being investigated under Section 420 of the Penal Code for fraud.
She said based on investigations, both scams used Telegram and Whatsapp to look for victims and promised returns of up to 50 to 100 per cent in a period of three to six hours after making the investment.
“Victims who express interest would be asked to register through a link provided and make a money transfer into the account provided by the syndicate.
“The victim would then be informed of their profits but would have various additional conditions imposed if they wanted to make a withdrawal,” she said.
Noorsiah advised the public to remain vigilant and to conduct detailed checks before signing up for investment schemes that promised lucrative returns.
“Further information on investment opportunities can be obtained from official sources, including Semak Mule, Bank Negara, the Securities Commission and the Domestic Trade and Consumer Affairs Ministry,” she added.-Bernama
