NINE people, aged between 23 and 62, were arrested on Saturday on suspicion of being involved in investment scams, with victims’ losses amounting to nearly RM1.9 million in Kedah, Kuala Lumpur and Johor.

Bukit Aman Commercial Crime Investigation Department director Mohd Kamarudin Md Din said all the local suspects were detained under Ops Nuri on suspicion of being involved in bogus investment schemes – the Banker Capital Investment Scheme and Wow Exchange OU Investment Scheme.

He said the syndicate would dupe victims by convincing them that their money would be invested in the domestic and foreign investment sectors and promising them high returns with a profit rate of between 100% and 400%.

“Several packages were offered, ranging from ‘trainee’ packages worth as low as US$100 (RM413) to ‘capitalist’ packages worth US$10,000,” he said in a statement today.

Kamarudin said the Wow Exchange OU scheme was a cryptocurrency-based investment scheme whereby the syndicate promoted a cryptocurrency platform and e-wallet called WOWX token.

“The WOWX token is said to be registered and based in Singapore through Wow Global Pte Ltd and is in the process of obtaining a licence from the Singapore government,” he said.

“Investors are instructed to make investment capital payments to several bank accounts directed by the syndicate, but the victims never got any returns from the investments.”

He said police have, so far, opened nine investigation papers on the syndicate, which targeted Malaysians.

He said they have also seized 13 mobile phones, 11 automated teller machine cards, three laptops and five cars as well as RM9,000 cash, 208,000 Korean won, US$26 and S$644.

He said the case is being investigated under Section 420 of the Penal Code for fraud, Section 4(1) of the Anti-Money Laundering, Anti-Terrorism and Proceeds of Unlawful Activities Act and the Prevention of Crime Act 1959.

He said the bogus investment schemes, which are advertised via social media, such as Facebook, YouTube, WeChat, WhatsApp, proved attractive as they promised high returns as well as affordable investment packages, more so when many people are affected economically due to the Covid-19 pandemic.

Kamarudin advised the public to check with relevant government agencies regarding the status of investment schemes and companies offering such schemes by verifying the account and telephone numbers on http://ccid.rmp.gov.my/semakmule/.

“Contact the CCID Scam Response Centre at 03-26101559 or 03-26101599 or send a message via WhatsApp to the CCID Infoline at 013-2111222 to channel information on any commercial crime activities,” he added. – Bernama, June 21, 2021.