KUALA LUMPUR: Police have crippled a bogus investment scheme syndicate with the arrest of nine men.
Bukit Aman Commercial Crime Investigation Department (CCID) director Datuk Comm Zainuddin Yaacob said they received 43 reports on the syndicate involving RM2.82mil in losses. On Wednesday (Feb 3), we launched a series of raids in Kuala Lumpur, Selangor and Penang and arrested the nine, aged between 34 and 62.. The syndicate, which went by the name Pelaburan Cryptocurrency Emas Fintech and used a crypto trading platform, claimed to have cooperation with Binance, Liquid, Kraken and Okcoin cryptocurrency exchange services, he told reporters on Friday (Feb 5).
He said the syndicate promised returns on investments to the tune of between 10% and 15%.
KUALA LUMPUR (Feb 5): Police arrested nine local men on suspicion of being involved in a cryptocurrency investment fraud syndicate, resulting in losses amounting to about RM2.8 million, in several raids in Penang, Selangor and Kuala Lumpur on Wednesday.
Bukit Aman Commercial Crime Investigation Department director Datuk Zainuddn Yaacob said all the suspects, aged 34 to 62, were arrested between 6.20am and 8am that day and are believed to be involved in an investment scheme known as Emas Fintech.
He said the syndicate was believed to have been operating since April last year by offering returns on investments of 10 to 15% per month and promising a supposedly secure currency trading system as well as a sophisticated system to attract the public.
Bukit Aman Commercial Crime Investigation Department (CCID) director Comm Datuk Zainuddin Yaacob (
pic) said the police and other government agencies do not have such levels of interconnectivity, which means the police officer can only transfer a call to another policeman and not to a completely separate agency.
“There is no such thing as Bank Negara Malaysia officers transferring your call to a police investigation officer or vice versa.
“We do not work that way.
“Another tell tale sign of a scam is when they advise you to transfer money to avoid it being frozen. Police do not offer such facilities.
KUALA LUMPUR: People who work in the private sector were the most susceptible to being duped by scamsters, followed by civil servants, while the unemployed came in third.
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