Four investment fraud syndicates busted, 21 nabbed in Feb, March

KUALA LUMPUR: The police have busted four investment fraud syndicates using social media involving bitcoin following the arrest of 21 people in a series of operations in five states in February and early March.

The four fraud syndicates busted in raids around Johor, Selangor, Kuala Lumpur, Penang and Kelantan were 'Likeshares', ‘Zan Zan Lee’, ‘Isharefans’; and ‘e-Currency Investment Invbitcoin’.

Bukit Aman Commercial Crime Investigation Department (CCID) director Datuk Zainuddin Yaacob in a statement yesterday said the detainees comprised 18 men and three women, all locals.

Various items were also seized including 28 mobile phones; ATM cards (17 pieces); credit cards (11); big pay card (one); computer (two sets); laptops (three); tablet (one); modems (three); SSM documents (nine sets); cheque books (two); business stamp (one); as well as cash amounting to RM11,930.

Zainuddin said the modus operandi used by the syndicate members was to start sending investment advertisements through social media platforms such as Facebook and WhatsApp and the victims would start following the syndicate's instructions to join the investment package promising huge returns in a short time with low capital investment.

"A victim who is attracted to the proposition will then invest a larger amount in order to get a higher profit and this investment syndicate will sever communication with the victim after securing a huge amount of ‘investments’," he said.

The police also advised the public not to easily fall for investment advertisements on social media and to verify accounts and phone numbers through the website http://ccid.rmp.gov.my/semakmule/ first to check if they have been involved in fraud cases.

The public can also contact the CCID Scam Response Centre at 03 26101559 or 03-26101599 if they have information about fraud syndicates on social media.

-- BERNAMA