POLICE have arrested three men, including a father and son, to facilitate investigations into a criminal breach of trust case involving an investment company and more than RM300 million in funds, following a series of raids in George Town yesterday.

Penang Commercial CID chief Mohd Rosni Mohd Lazim said the father, 52, and his son, 26, along with a 29-year-old man were arrested separately around the city beginning 4.40pm yesterday after a police report was lodged by a company director.

“The 52-year-old is the chief marketing officer at the investment company and the other man is an employee in the same company, while the son does not work there, but he is believed to be involved in the crime.

“According to initial investigations, the company said they failed to distribute the RM300 million dividends to a number of investors, over a four-year period,” he said today.

Rosni did not deny the possibility that the suspects had embezzled the money.

He said the company offered returns of up to 10% to investors who bought shares in their forex investment, hotel and cafe business, adding that those who invested in the company were aged between 20 to 70 with a minimum investment of RM10,000 each time.

“All of them have been remanded for four days to assist investigations. The case is being investigated under Section 409 of the Penal Code for criminal breach of trust,” he said. – Bernama, July 16, 2021.