A TOTAL of ten individuals, including three women, were arrested on Friday in connection with a suspected foreign currency investment fraud syndicate operating out of Bandar Puteri, Puchong.
Serdang District Police Chief, Assistant Commissioner Muhamad Farid Ahmad, said the arrests were made during a raid at a premises at 2.30pm.
“All suspects, aged between 30 and 40, were detained, including the main mastermind behind the syndicate,” Sinar Harian quoted him saying during a press conference at the Serdang District Police Headquarters on Monday.
“To date, four reports of non-existent investments are under police investigation, involving losses amounting to nearly RM400,000,” he added.
Various items with an estimated total value of RM45,000 were seized during the operation, including six laptops, 14 mobile phones, one modem, and three computer monitors.
Initial investigations indicate that the syndicate had been operating for approximately six months and was targeting victims from Malaysia, Indonesia, and India.
Checks revealed that none of the suspects had prior criminal or drug-related records, and preliminary urine tests returned negative results.
“The case is being investigated under Section 420 of the Penal Code, which carries a minimum jail term of one year and up to ten years, along with whipping and a possible fine upon conviction,” said Muhamad Farid.
Additionally, investigations are being conducted under Section 137(1) of the Financial Services Act.
He also urged the public to remain cautious and avoid falling victim to dubious investment schemes, advising individuals to verify the legitimacy of companies or platforms with the Securities Commission Malaysia beforehand. - June 23, 2025
