According to The Star, the police arrested 10 individuals, including a man carrying the title ‘Datuk Seri’, for their suspected involvement in fraudulent forex investment schemes in five states recently.
Bukit Aman Commercial Crime Investigation Department director Datuk Mohd Kamarudin Md Din said at a press conference yesterday (5 Jan), that the group comprised of nine men and a woman aged 29 to 64, detained in Perak, Selangor, Kuala Lumpur, Melaka and Johor.
Also seized were various items including nine luxury vehicles, 64 watches and five gold ingots weighing five kilogrammes, estimated to be worth almost RM127 million.
“The syndicate is known as GCG Asia Forex Investments and has been active since 2018, and the suspects concerned were acting as brokers, investor searching agents, financial managers and account holders.
“The syndicate targets locals as victims and they promote forex-based investments with a weekly rate of return of between 12 and 14 per cent of the total capital invested,” he said.
Led by the ‘Datuk Seri’ who has a master’s degree in business administration, the syndicate promised investors that their money would be invested by GCG Asia in various mediums to generate huge profits.
According to Kamarudin, investors will be given an investment website link along with a password, and they will be able to see the amount of “profits earned”, however, it cannot be transferred or cashed out.
“The syndicate will then sever communication with investors after getting a substantial amount of investment and stop the operation of the investment scheme abruptly. Dissatisfied investors will feel cheated for not getting the promised returns.
“To date, a total of 23 cases are being investigated related to GCG Asia’s forex investment fraud involving losses amounting to RM2.9 million,” he said.
Since last Saturday (1 Jan), nine of the suspects were under remand until yesterday and an application to extend their remand order was currently underway.
Kamarudin advised the public to remain vigilant and not to be easily fooled by advertisements promoting investment schemes on social media such as Facebook, WhatsApp, WeChat.
“Please report to the CCID Scam Response Centre at 03-26101559 or 03-26101599 if you have any information regarding fraud syndicates found on social media,” he added.
To verify these types of companies, you can go to http://ccid.rmp.gov.my/semakmule/