29 arrested for running non-existent investment scam

KUALA LUMPUR - The Dang Wangi district police Commercial Crime Investigation Department (CCID) arrested 29 people for running a non-existent investment scam in Kuala Lumpur on Friday.

The suspects, comprising 13 local men, 10 local women, two foreign men, and four foreign women, were detained in a raid on an office in Jalan Pudu, Bukit Bintang.

Dang Wangi district police chief Assistant Commissioner Noor Dellhan Yahaya said the suspects were paid between RM5,000 and RM10,000 each for their roles in the scam.

He said 21 of the suspects were customer service officers who offered non-existent investments in commodities, stocks, indices, and cryptocurrencies through internet-based platforms.

"Three others were IT officers, while three were responsible for recruitment and office administration.

"The remaining two suspects were the masterminds of the operation," he said in a statement today.

Noor Dellhan said the syndicate had been operating for nearly two months and had rented the office for RM17,400 per month.

He said the syndicate is believed to have targeted foreign victims.

Two of the suspects have previous criminal records.

The CCID seized 56 mobile phones, 27 laptops, 32 monitors, and other electronic devices during the raid.

All 29 suspects have been remanded for three days to facilitate further investigation under Section 120(B) of the Penal Code (dealing with criminal conspiracy) and Section 420 of the Penal Code (cheating).