GEORGE TOWN – Police have arrested three men, including a father-and-son pair, to facilitate investigations into a criminal breach of trust case involving over RM300 million related to an investment company, following a series of raids here yesterday.
Penang Commercial Crime Investigation Department chief Mohd Rosni Mohd Lazim said a 52-year-old man and his son, 26, along with a 29-year-old man, were arrested separately beginning 4.40pm 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 does not work there, but is believed to be involved in CBT. The other man is a company employee,” he told Bernama today.
“The company claimed that the suspects failed to distribute dividends to a number of investors, involving a sum of over RM300 million. This is believed to have occurred from 2017 to last year.”
He said the probe is ongoing, and that police are not ruling out the possibility that the suspects took the funds for themselves.
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 said, adding that those who invested put in a minimum of RM10,000 each time.
“The 56-year-old does not have the Datuk Seri title as previously reported. All of them have been remanded for four days to facilitate investigations. The case is being investigated under Section 409 of the Penal Code for CBT.” – Bernama, July 16, 2021
