KUALA LUMPUR: The police have arrested 18 individuals connected to the Sabah small and medium-sized enterprise (SME) investment fraud syndicate.
The suspects, aged between 30 and 71, were detained during operations in Sabah, Perak, and Selangor on May 4 and 5.
Federal Commercial Crime Investigation Department (CCID) director, Datuk Seri Ramli Mohamed Yoosuf, said the syndicate had been operating since 2019, acting as masterminds, moderators, and owners of mule accounts offering fake investments supposedly related to Sabah SMEs.
"The syndicate used the Prime Minister's Department (JPM) name to convince victims that the investments were legitimate. They used text messages and also held face-to-face meetings with the victims.
"The syndicate promised high returns. For example, with an investment of RM1,000, investors were promised a profit of RM200,000 within three months," he said at a press conference at the JSJK office today.
Ramli explained that victims deposited money into several mule accounts owned by the syndicate but did not receive the promised profits.
"Fifteen police reports have been received, with total losses amounting to RM2.98 million.
"From the arrests, police seized 28 debit cards, 24 mobile phones, two laptops, and a tablet," he said.
Additionally, 15 bank accounts with a total value of RM69,796.90 and a Toyota Hilux were seized, and 38 bank accounts amounting to RM108,131.93 have been frozen by the police.
He added that all suspects are remanded until today for further investigation under Section 420 of the Penal Code.