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220 reports lodged over Zuttelo investment scam involving more than RM84 mln in losses

08 Dec 2022 01:37pm
Photo for illustration purposes only - 123RF
Photo for illustration purposes only - 123RF
KUALA LUMPUR - The Royal Malaysia Police (PDRM) has received a total of 220 reports on online investment scheme syndicate known as Zuttelo which has led to a loss of RM84,579,831.76 since August.

Its secretary Datuk Noorsiah Mohd Saaduddin said the syndicate was found to be actively carrying out fraudulent activities throughout the country for the past two years.

"The syndicate is believed to have been active since 2020 and the company's website was shut down in August this year.

"This investment scheme offers nine investment packages with total investments ranging from US$630 to US$12,700 with each investor being promised a minimum return of 16.5 per cent per month," she said in a statement today.

Noorsiah advised the public to remain vigilant and to conduct detailed checks with official sources, including Semak Mule, Bank Negara Malaysia alert list and the Securities Commission before signing up for investment schemes that promised lucrative returns. - BERNAMA
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Zuttelo
Investment Scam
Noorsiah Mohd Saaduddin
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