Police bust Planetrade investment fraud scheme, mastermind, company director

KUALA LUMPUR - The police busted the Planetrade investment fraud scheme with the arrest of three men and six women including a director of the company who operates the scheme.

Royal Malaysia Police secretary Datuk Noorsiah Mohd Saaduddin said the mastermind of the scheme was charged under Section 420 of the Penal Code and Section 137(1) of the Financial Services Act 2013 while the director of the company was charged under Section 109 read together with Section 420 of the Penal Code.

She said all arrested we locals, adding that seven have been released and would be made prosecution witnesses.

"Some of the suspects who were investors,were victims of the scheme who had acted as an authorised introducer, meaning, they received a commission for bringing in an investor, " he said in a statement today.

She said since January 2021 to date, the Commercial Crime Investigation Department received 92 police reports related to the investment fraud scheme involving losses of RM17,547,414.50.

Noorsiah said the police have also frozen assets including 27 bank accounts with a total value of RM700,533.47, seized six vehicles estimated to be worth RM1,165,800 and 11,000,000 shares in four related companies.

Meanwhile, she also urged those who have fallen victims to the investment scheme to immediately come forward to file a police report.

Earlier, the Malaysian International Humanitarian Organisation (MHO) claimed about 300 victims who have been duped by the investment scheme had not filed a police report because they were threatened by certain parties that they would also be arrested and remanded. - BERNAMA