Zuttelo Investment Syndicate: 220 reports lodged, RM84 million loses
KUALA LUMPUR - The police has received 220 reports nationwide on the Zuttelo investment fraud scheme since August.
Federal Police Secretary Datuk Noorsiah Mohd Saaduddin said the Bukit Aman Commercial Crime Investigation Department (CCID) discovered that the syndicate had been active since 2020.
"Based on investigations, their investment activities began in 2020 until the company’s website was closed around August 2022.
"Since August, the police received a total of 220 reports involving a total loss of RM84.57 million," she said in a statement today.
The media on Monday reported approximately 10,000 victims had been defrauded by the investment syndicate with losses of up to RM3 billion.
The Zuttelo investment syndicate was reported to have targeted Chinese victims including senior citizens.
Noorsiah said investigations found the syndicate had offered nine types of investment packages worth between US$630 (RM2,777) to US$12,700 (RM55,994).
She said the investors interested needed to register themselves via the website and was given the option to invest with cash or using cryptocurrency.
"Each investor was promised a minimum return of 16.5 per cent each month.
“The police reminds the public to always be vigilant and make their decision after investigating and referring to official sources such as Semak Mule, Bank Negara Malaysia's Alert List and the Securities Commission before participating in an investment schemes,” she said.
