POLICE have arrested 29 people behind an investment scam, raiding properties in Kuala Lumpur, Selangor, Perak and Johor.

Bukit Aman police secretary Noorsiah Saaduddin said the suspects, comprising 19 men and 10 women aged between 24 and 38, were detained on Tuesday following several months of surveillance.

The group was behind several fraudulent investment schemes offering high returns, she said in a statement.

“The investment schemes, which were promoted through social media, are Alpha Mineral Global, Asia Investment Vip (aiv Trading), Max Profit Guides Empire (Max Profit), and Cgc Revolution and Management,” she said.

She said police also seized 75 mobile phones, 73 ATM cards, 64 pieces of jewellery and RM14,500 in cash.

“The suspects were remanded for between one and four days for investigation under section 420 of the penal code.

“Police believe the number of people who fell victim is low because the investment schemes have been created just recently,” she added.

She urged anyone who might have been cheated to lodge a police report.

“The public is advised to verify information with official sources like ‘semak mule’, Bank Negara Malaysia alert list and the Securities Commission before deciding to join any investment scheme which looks dubious,” she said. – Bernama, February 25, 2023.