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GEORGE TOWN – The arrests of three men, including a father and his son, and their associate, are not related to the investigation into a major direct selling company that allegedly defrauded investors in Penang and abroad.
Penang commercial crime investigation department chief Mohd Rosni Mohd Lazim said the arrests are linked to criminal breach of trust (CBT), not an investment scam.
“Do not be misled by speculations on the case. It is strictly a CBT case involving a father and his son as well as their associate. They were alleged to have defrauded their company,” he told The Vibes.
A 52-year-old man and his son, 26, along with a 29-year-old man, were arrested separately yesterday after a police report was lodged by a company director.
“The 52-year-old is the chief marketing officer at the investment firm. His son is not employed there but he is believed to be involved. The other man is a colleague,” said Rosni.
Investigations found that the firm offered returns of up to 10% to investors who bought shares in its forex investment, hotel, and cafe businesses, he added.
Those who invested put in a minimum of RM10,000.
The direct selling company is well known in Penang due to its business and investment activities in the northern region. – The Vibes, July 17, 2021
