KUALA LUMPUR: Promising lucrative returns and rewards to investors while hiding behind an online application, the crypto currency investment syndicate âAliExchangeâ has successfully deceived individuals seeking investment opportunities.
Last Monday, the syndicate was crippled after police arrested nine individuals in Johor, Melaka, Negeri Sembilan, Selangor and Kuala Lumpur involving six men and three women, aged from 32 to 59 years.
Bukit Aman Commercial Crime Investigation Department (NCID) director Datuk Zainuddin Yaacob said the syndicateâs application could be downloaded through the Google Play Store which used a crypto currency trading platform known as âAliCoinâ.
He said every investor was given access through the AliExchange application after they had downloaded it.
âInvestors or victims can also see the rate of return and remuneration promised through the application. To convince the victims, the syndicate has hired European citizens as speakers to hold seminars in hotels in several states, âhe told a press conference here, today.
Zainuddin said the victim was required to buy AliCoin (Digital Currency) at RM4.70 each, and the promised profit was five per cent to 15 per cent a month based on the total investment made.
âThe minimum amount offered is 10,000 AliCoin equivalent to the value of RM47,000. The victim who was deceived by the syndicate did not get the promised profit.
â(During the raids), the police confiscated, among others, 20 ATM cards issued by various banks, 11 mobile phones, five luxury cars, five laptops, various AliExchange investment documents and RM109,594 in cash,â he said, adding that the total amount seized was estimated at RM2 million.
He said NCID received 27 police reports involving the syndicate with a loss of RM4.7 million and the syndicate is believed to have started operation from last March until October.
Zainuddin said the case was being investigated under Section 117 of the Criminal Procedure Code and Section 420 of the Penal Code.
âPeople are urged not to easily believe the testimonials and promises of lucrative profit offered in a short time,â he said.
In addition, the public can check and obtain information on the validity of an investment on the website ccid.rmp.gov/semakmule. -Bernama
