KUALA LUMPUR: Police busted a non-existent investment syndicate operating in a bungalow that once served as a foreign consulate office and residence during a raid in the federal capital on Nov 22.
To deceive the authorities, the bungalow, situated in an area that houses several other foreign consulate offices, had been posing as a consulate that was still in operation and was guarded by armed personnel while the consulate sign was still displayed.
Bukit Aman Commercial Crime Investigation Department director Datuk Seri Ramli Mohamed Yoosuf (pix) said 28 individuals were arrested, comprising 16 men and 12 women aged between 20 and 62.
Speaking at a press conference here today, he said those arrested comprised 13 local citizens, seven Chinese and four each from Brunei Darussalam and South Korea.
Ramli said the syndicate’s modus operandi was to offer investments with the concept of ‘money games’ that promised lucrative returns in a short period of time.
He said the syndicate offered investments to local, Chinese, Brunei Darussalam and South Korean investors.
“Investments are offered through cryptocurrency starting from 155 USDT up to 31,000 USDT and a promised daily return of one to two per cent for 155 days,” he said.
During the raid, police also seized various items, including 41 mobile phones, 13 passports and a Lexus car.
“The amount of losses is still under investigation, while the owner of the bungalow has been identified and will be summonsed to provide a statement soon as he is currently abroad,” he said.
Ramli said all local suspects were released on police bail, while the foreigners were remanded under the Immigration Act 1959 until Dec 8.
The case is being investigated under Sections 420 and 511 of the Penal Code.
Meanwhile, commenting on the statistics of commercial crime cases, Ramli said that from January to Nov 26, a total of 37,651 investigation papers were opened involving losses amounting to more than RM1.9 billion. -Bernama
