KUALA LUMPUR: An investment scam syndicate that posed as the “Goldman Sachs” investment firm managed to dupe 41 victims to part with nearly RM11.4mil.

Bukit Aman Commercial Crime Investigation Department (CCID) director Comm Datuk Seri Ramli Mohamed Yoosuf said 12 individuals were nabbed following raids in Selangor, Johor, Negri Sembilan, Perak, Kedah, Penang and Sarawak on April 29.

“Those detained – 10 men and two women – were locals aged between 21 and 45.

“We raided various premises after 41 reports were lodged by victims, involving RM11.39mil in losses.

“Among those detained were a company director and owner, who were used as mule account holders,” he said at CCID HQ here yesterday.

Initial investigations revealed that the syndicate operated online using the name Goldman Sachs to dupe victims, he said.

“The syndicate used Facebook and WhatsApp to promote the scheme and communicate with victims.

“The scheme offered returns of between 15% and 200% a month. They claimed that profits are ensured based on guidance and assistance from market experts, or ‘cikgu traders’,” he said.

Victims were required to download the “Bam Pro” and “Baly Pro” applications through the Google Play and App Store, Comm Ramli said.

“They were instructed to transfer funds to an account belonging to a mule company set up by the syndicate.

“The victims only realised they were duped when they could not withdraw returns and profits obtained,” he said, adding that 29 investigation papers have been opened.

“We discovered that 19 bank accounts – three belonging to companies and 16 to businesses – have been used by the syndicate as mule accounts to get funds from victims.

“The suspects were remanded until Thursday and have since been released on police bail.

“The case is classified under Section 420 of the Penal Code for cheating,” he said, adding that the syndicate has been active since February.

“We advise the public not to be easily duped by offers that are too good to be true,” he said.

In another case, two investment scam call centres were busted, resulting in the arrest of eight individuals.

The suspects, comprising six men and two women aged between 21 and 43, were detained in the raids in Petaling Jaya on April 25.

“The syndicate was operating an investment scam targeting Malaysians.

“The call centres were also used as a customer service centre and promotional hub for the investment scheme.

“Those detained were acting as a company director, a company manager, a moderator and a TikTok live host,” Comm Ramli said.

Among the items seized were seven monitors, seven laptops, 11 mobile phones, a router, several fake US dollar notes, 10 gold bar replicas, and a set of keys, with investigations showing the scammers were promoting investments for the Hong Kong share market.

“Those interested will be added to a Telegram group before being taught how to invest through an online tutorial,” he said.

On another matter, Comm Ramli reminded the public to be careful when investing in gold-based investment schemes.

“Our records showed that most investment schemes based on gold will end in losses for the victims.

“For example, when the price of gold continues to spike, many investors will continue to sell for profits, but the company cannot meet the demand, which in turn will affect investors,” said Comm Ramli, who added that a more solid mechanism is needed to monitor investment schemes, especially those based on gold.

“We have proposed that Bank Negara Malaysia set up suitable regulations so that investment companies based on valuable metals are registered under them.

“This will help prevent more investment scams from cropping up,” he said.

https://www.thestar.com.my/news/nation/2024/05/04/investment-scam-syndicate-busted