KUALA LUMPUR – A man was arrested on suspicion of running a SIM card investment fraud syndicate, with his victims losing RM1.5 million, in a police raid in the capital.
Federal police secretary Datuk Noorsiah Saaduddin said the 32-year-old suspect was arrested by police’s commercial crime investigation department on Wednesday after receiving three police reports regarding the fraud.
According to her, the syndicate has been operating since 2020 by offering investment in the form of a SIM card business, with each package offering different monthly returns while investors were promised a lifetime of remuneration.
“Investigations revealed that investors only received returns at an early stage before being told that the company was incurring losses and that the promised returns could not be paid,” she said today.
Noorsiah said the case was investigated under Section 420 of the Penal Code for cheating and the suspect was remanded for two days from yesterday and given police bail after the remand ended today.
“Anyone who is a victim is urged to immediately come forward and file a report at any nearby police station,” she said, reminding the public to be vigilant and make more detailed checks before investing in any schemes that promise lucrative returns. – Bernama, May 19, 2023
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