SHAH ALAM – The police have busted a fake forex investment syndicate following the arrest of the suspected mastermind and an accomplice and seizure of RM2.7 million on Sunday.
The money is believed to be part of the loot which the syndicate had fleeced from victims in their fraudulent activities.
Bukit Aman Commercial Crime Investigation Department deputy director, Datuk Wira Hamza Taib said the arrest of the two suspects followed a complaint from a 27-year-old female Chinese entrepreneur.
The woman was said to have incurred losses amounting to millions of ringgit when she fell prey to the syndicate.
Hamza said in the 1.15am raid, the police arrested the 50-year-old suspected mastermind man and seized some items which were used to deceive victims and recovered the RM2.7 million cash.
“Upon interrogation, the suspect led to the arrest of a 34-year-old accomplice in the parking lot of a shopping centre in Lingkaran Syed Putra, Kuala Lumpur, on the same day,” he told reporters at the Selangor police headquarters here today.
The police also seized a Toyota Vellfire, a Honda CRV and a number of other items including mobile phones, fake passports, fake identity cards and several house keys.
According to Hamza, the syndicate’s modus operandi was to lure potential victims by offering lucrative profits from forex investments and by showing off their opulent houses and luxury vehicles to convince them.
“Syndicate members kept changing the company’s name and used non-existent identities such as fake passports and fake identification cards to conduct their activities to avoid detection by the authorities,” he said.
He said the two suspects were remanded until today to facilitate investigations for cheating.
Meanwhile, Hamza said from January to November last year, the department received 131 reports related to fraudulent foreign exchange
trading involving losses of about RM32.2 million. – BERNAMA