GEORGE TOWN – A man and two women were detained by the police to facilitate investigation on an investment scheme fraud which had conned victims of more than RM700,000 in an operation in Bukit Mertajam, near here yesterday.
Penang police chief Datuk A.Thaiveegan said the suspects, aged between 40 and 48, were detained at several locations in Bukit Mertajam.
“Police received reports from several people claiming they were cheated by three individuals offering an investment scheme that promised returns of one per cent daily or 30 per cent a month.
“Based on initial investigation, many were deceived because at the early stage there were investors getting their returns as promised, but after that, they did not get any more payment, and the money invested was also not returned,” he said today.
He said the police would also freeze assets, worth more than RM1 million, which belonged to the suspects, to facilitate investigation.
Thaiveegan said police were tracking down other members of the syndicate, who were believed to be still in Penang.
He also urged those who had fallen prey to the investment syndicate to lodge police reports to to facilitate investigation.