41 FALL VICTIM TO INVESTMENT SCAM
Syndicate poses as Goldman Sachs, cheats people out of over RM11 million
POLICE have busted an investment syndicate which impersonated investment company Goldman Sachs to deceive the public, cheating 41 people out of almost RM11.4 million.
Federal Commercial Crime Investigation Department (CCID) director Datuk Seri Ramli Mohamed Yoosuf said the syndicate was busted through Op Nuri 7/24, which involved a series of raids in Selangor, Johor, Negri Sembilan, Perak, Kedah, Penang and Sarawak on April 29.
He said during the raids, police arrested 12 people — 10 men and two women — aged between 21 and 45.
“The raids are the result of intelligence carried out after we received 41 police reports from victims of this syndicate involving losses amounting to RM11.39 million.
“Those arrested include individuals acting as company directors of businesses used as mule accounts in the syndicate,” he said at Bukit Aman here yesterday.
Investigations found that the syndicate was operating online and using the name of leading investment company Goldman Sachs to deceive victims, he added.
“The syndicate was found to be using Facebook and the WhatsApp application as a medium of marketing and communication with the victims, in addition to advertising investment promotions on social sites.
“This fraud investment scheme claimed to offer high returns of 15 to 200 per cent monthly. Investment profits were guaranteed through guidance and assistance from capital market analysis experts.”
He said victims were asked to download the “Bam Pro” and “Baly Pro” applications on their mobile phones.
“They were then instructed to transfer the investment money to the mule account designated by the syndicate.
“They only realised that they had been cheated when they could not withdraw the profit.”
Ramli said to date, 29 investigation papers had been opened.
“There were 19 bank accounts involving three companies and 16 businesses misused by this syndicate as mule accounts to receive money from the victims.
“All the suspects were remanded for three days until yesterday (Thursday) and have been released on police bail. The case is being investigated under Section 420 of the Penal Code for fraud.”
He added that the syndicate was found to be active since February.
He advised the public not to be easily deceived by investment offers that promised lucrative returns in a short period.