Illegal crypto investment scheme syndicate busted, various items seized including sports cars

January 25, 2024

Illegal crypto investment scheme syndicate busted, various items seized including sports cars

IPOH: Eleven people, including two Filipinos, were rounded up for suspicion of being active members of an unauthorised crypto investment scheme.

Bukit Aman Commercial Crime Investigation Department director Comm Datuk Seri Ramli Mohamed Yoosuf said the arrests were made during a raid at a seminar held by the suspects at a hotel here on Saturday (Jan 20).

Comm Ramli said those arrested were aged between 30 and 50, and consisted of the seminar organiser, sponsors, speakers and agents.

“During the raid, we seized mobile phones, laptops, scripts, bunting and six vehicles, including luxurious sports cars.

“Based on our investigations and undercover work, we found the syndicate had offered a crypto investment scheme to 55 participants,” he told a press conference at the state police headquarters here on Wednesday (Jan 24).

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“The schemes promise a return of between 0.5% and 2.2% daily, according to the sum of investment.

“The syndicate also claimed that an artificial intelligence system created by them would help the participants to gain profit easily and fast,” he added.

Comm Ramli said 55 participants, aged between 40 and 60, attended the seminar.

“Most are not well-versed in cryptocurrency trading and we believe they were being deceived by the syndicate, which had been promoting the investment scheme since early this year.

“We urge the people not to fall for such investment offers, especially when these are advertised on social media platforms,” he said, adding that such an investment seminar could not be held without a permit from the Securities Commission.

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“If such get-rich-quick schemes are too good to be true, just ignore them,” he said.

On the case whereby a factory owner here was cheated of about RM6.2mil recently, Comm Ramli said the syndicate had used the picture of an influential investor to deceive the victim.

The syndicate also used 11 different company bank accounts that were unrelated to the investment scheme to deceive her.

It was reported that the 61-year-old victim, from Taman Rasi Jaya, lost her money after falling victim to a non-existent investment scheme.