POLICE believe they have crippled a group behind an investment scam, known as the Barclays Private Investment Project, following the arrest of a woman in Selayang last week. 

Gombak district police chief Arifai Tarawe said the 54-year-old suspect was detained in a raid at a condominium in Jalan Bukit Idaman at 10pm on Friday. 

“Police seized various documents suspected to be fake, used to convince victims of the existence of fund investments from legitimate companies.

“The suspect told victims the funds were from abroad, namely San Francisco Barclays Private Equity, created to help Muslims who have financial problems,” Arifai told a media conference at the district police headquarters today.

He said initial investigations found the suspect had been actively promoting the scheme to friends and relatives, and also via social media since 2015, offering investment returns of up to RM1 million for a minimum investment of RM100.

Police also found the suspect had accumulated about RM2 million from her victims so far, of which 30% had been passed on to the main suspect, Arifai said. 

“We are still tracking down the main suspect, a 53-year local man who is the founder of the investment company, and another local woman aged 49 who is one of the active members of this syndicate,” he said.

Arifai said so far, five victims have lodged police reports.

He urged other victims to contact their nearest police stations over the matter. 

The case is being investigated under Section 420 of the Penal Code for cheating. – Bernama, October 19, 2020.