KUALA LUMPUR: Police have smashed a foreign exchange funding rip
KUALA LUMPUR: Police have smashed a foreign exchange funding rip-off ring that conned 629 victims out of greater than RM30mil.
The syndicate is believed to have been led by a bogus “Datuk”.
Federal Industrial Crime Investigation Division (CCID) deputy director Comm Datuk Mohd Kamarudin Md Din mentioned police carried out a sequence of raids across the Klang Valley on Tuesday (Jan 5) and arrested 22 Malaysians and two foreigners.
“We seized 22 cellphones, one pill system, 10 laptops, one pc, one onerous disc, 14 books on foreign exchange investments, 1,000 counterfeit US$100 payments, 10 actual US$100 payments, 15 ATM playing cards, 9 luxurious watches, seven gold bars believed to be faux, 11 branded luggage, jewelry, and RM2,230 money.
“We additionally seized a Ferrari F430, a McLaren unique automobile, three Mercedes Benz and a Toyota Vellfire,” he advised reporters Friday (Jan 8).
He mentioned investigations revealed the syndicate was energetic for over two years and would dupe victims by promoting software program to supposedly analyse the foreign exchange market scenario.
“Our investigations revealed additionally they created a faux web site to persuade potential victims into investing with them.
“Victims would solely study they’ve been conned after they discover they haven’t any technique to switch their income to their financial institution accounts,” he mentioned including that three studies have been lodged on behalf of the 629 victims with an estimated RM30mil in losses.
Comm Mohd Kamarudin urged the general public to be cautious of such funding schemes being supplied.
“The rule of thumb is that if it sounds too good to be true, it’s usually precisely that.
“Don’t give alternatives to rip-off syndicates to make a fast buck.
“You could conduct your personal checks earlier than popping out with any cash and might confer with the police, Financial institution Negara Malaysia, and the Securities Fee,” he mentioned.