KUALA LUMPUR: Police have smashed a forex investment scam ring that conned 629 victims out of more than RM30mil.
The syndicate is believed to have been led by a bogus “Datuk”.
Federal Commercial Crime Investigation Department (CCID) deputy director Comm Datuk Mohd Kamarudin Md Din said police conducted a series of raids around the Klang Valley on Tuesday (Jan 5) and arrested 22 Malaysians and two foreigners.
“We seized 22 mobile phones, one tablet device, 10 laptops, one computer, one hard disc, 14 books on forex investments, 1,000 counterfeit US$100 bills, 10 real US$100 bills, 15 ATM cards, nine luxury watches, seven gold bars believed to be fake, 11 branded bags, jewellery, and RM2,230 cash.
“We also seized a Ferrari F430, a McLaren exotic car, three Mercedes Benz and a Toyota Vellfire,” he told reporters Friday (Jan 8).
He said investigations revealed the syndicate was active for over two years and would dupe victims by selling software to supposedly analyse the forex market situation.
“Our investigations revealed they also created a fake website to convince potential victims into investing with them.
“Victims would only learn they have been conned when they find they have no way to transfer their profits to their bank accounts,” he said adding that three reports have been lodged on behalf of the 629 victims with an estimated RM30mil in losses.
Comm Mohd Kamarudin urged the public to be wary of such investment schemes being offered.
“The rule of thumb is that if it sounds too good to be true, it is often exactly that.
“Do not give opportunities to scam syndicates to make a quick buck.
“You must conduct your own checks before coming out with any money and can refer to the police, Bank Negara Malaysia, and the Securities Commission,” he said.