Police detain mastermind behind 'crude palm oil' investment scam

Police have detained the main suspect behind the ''Crude Palm Oil'' (CPO) investment scam involving over RM31 million in losses.

Bukit Aman Commercial Crimes Department director Datuk Acryl Sani Abdullah Sani said the suspect, in his 50s, was picked up at a restaurant in Penang at 4pm on Wednesday.

"The suspect will be taken to his house for the inspection and the seizure of vehicles," he said in a statement here.

Meanwhile, Inspector-General of Police Tan Sri Khalid Abu Bakar shared the success story of the department on his official Twitter account.

"Well done JSJK Bukit Aman @PDRMsia just now, in Penang, detained main suspect, CPO cheating case resulting 248 people incurred losses over RM31 million. #GoPDRMGo," he said.

Based on police investigations, a company, which has been operating since early last year, claimed to have been managing investment portfolio based on the trading of crude palm oil by offering four packages.

The company has also been promising returns up to 30 per cent and dividends to be paid on every 12th working day each month.

Initially, the company had paid the dividends as promised until it closed its operations and its board of directors ran away after most investors topped up their investments in large amount.

-- BERNAMA