They also seized luxury watches and six kg worth of gold bars estimated to be worth over RM127mil.
Federal Commercial Crimes Investigation Department (CCID) director Comm Datuk Mohd Kamarudin Md Din said the syndicate was crippled following a string of operations in Perak, Selangor, Kuala Lumpur, Melaka and Johor on Saturday (Jan 1).
We arrested 10 suspects aged between 29 and 64 consisting of nine men and a woman believed to be involved in the syndicate.
“We also seized several vehicles, documents and items which were linked to investment scam activities,” he told reporters on Wednesday (Jan 5).
He said investigations revealed the syndicate began operations in 2018 and all those arrested played roles as brokers, agents, financial managers and account holders.
The syndicate targeted Malaysian investors and promoted investment schemes based on Forex which promised between 12% and 14% return on investment weekly.
The investors would then be told that their money would be invested by a company called GCG ASIA.
“The investors would be given access to a website in order to monitor their investment,” he said, adding that once the syndicate achieved its investment target, it cut off communication with its investors and halted the investment scheme activities.
Comm Mohd Kamarudin said they received a total of 23 police reports so far involving losses of at least RM2.94mil.
Our investigations revealed the mastermind to be a Datuk in his 40s who claimed to be a Datuk Seri.
“Our checks revealed the suspect has a Masters in Business Administration,” he said, adding that the suspects had been remanded to help with further investigations.
Comm Mohd Kamarudin urged the public to always check with the relevant authorities, as well as Bank Negara before making any investment.
The public can also cross check bank accounts and mobile phone numbers via https://ccid.rmp.gov.my/semakmule/ to make sure the accounts were not linked to previous scam cases.
“Those with queries on commercial crimes are encouraged to contact the police via the Scam Response Centre hotline at 03-2610 1559 or 03-2610 1599,” he said.