[UPDATED] Zutello fraud scheme involved around RM84 mil in losses: police

KUALA LUMPUR – Insurance-based investment fraud known as “Zuttelo” involved losses estimated at about RM84.5 million, said police.

The authorities also confirmed that 220 police reports were received nationwide since August related to the scam.

Police secretary Datuk Noorsiah Mohd Saaduddin said the Commercial Crime Investigation Department is investigating a syndicate believed to have been active nationwide since two years ago.

“Based on investigations, the investment fraud has been active since 2020 and its website was closed in August this year.

“The investment scheme had offered nine packages between US$630 (RM2,775) and US$12,700 with promised monthly returns of 16.5%,” she said in a statement today.

The victims were told to access www.8liga.net to invest in either cash or cryptocurrency.

The case is being investigated under Section 420 of the Penal Code.

The public is advised to conduct checks via the Semak Mule app, Bank Negara Malaysia’s alert list, and the Securities Commission before joining any investment schemes.

Earlier this week, Malaysian International Humanitarian Organisation secretary-general, Datuk Hishamuddin Hashim said a majority of the Zuttelo scam victims were elderly citizens, mostly from the Chinese community. – The Vibes, December 8, 2022