PERAK police detained five people in raids conducted last October 17 and 18 over an alleged investment scam.

The suspects, aged between 28 and 38, are on remand for three days to assist in investigations under section 420 of the penal code for cheating.

Bukit Aman Commercial Crime Investigation Department director Ramli Mohamed Yoosuf said the syndicate is believed to have begun its operation in the middle of this year under the name AGNC CAPITAL SERVICES.

He said various social media platforms were used to advertise the investment scheme, which offered investments as low as RM100, with the promise of lucrative profits within a short time.

“So far, four police reports have been lodged involving a total loss of RM78,900,” he said in a statement today.

He urged individuals who had fallen victims to the syndicate to lodge a police report.

Ramli said during the raids, police also seized, among others, 17 mobile phones, a laptop, two sets of modems, eight notebooks and a set of bank statements believed to be used for investment fraud.

He advised the public to be vigilant and to check with the relevant authorities before participating in any investment scheme that promises lucrative profits. – Bernama, October 20, 2023.