Police arrest key suspect in crude palm oil investment scam
NST
KUALA LUMPUR: The Commercial Crime Investigation Department (CCID) has yesterday arrested a man believed to be the key person behind the crude palm oil (CPO) investment scam.
The syndicate running the scam is said to have cheated victims out of RM31 million. Police have so far received 248 reports on the scam since 2016. It is understood that the syndicate has since shut down its operations early this year.
Bukit Aman CCID director Datuk Acryl Sani Abdullah Sani said the syndicate had offered high returns to lure victims into the scam.
“They offered four types of investments, RM1,855 for one-metric-ton where they were promised with a gain of 15 per cent; RM3,559 for two-metric-ton with 20 per cent gain; RM8,540 for five-metric-ton with 25 per cent gain; and RM16,422 for 10-metric-ton with 30 per cent gain.
“The victims were also promised with dividends every 12 days as well as bonuses if they managed to introduce new investors into the scheme.
“To convince the investors, the syndicate had paid the dividends in the early stage. However, when scheme grew and the investors pumped in more, they shut down the operation and ran away,” Acryl said in a statement today.
He said the department has launched an operation in several areas in the city and Selangor on Sunday.
“We arrested a 35-year-old man, who is the son of the main suspect, during the raid in the afternoon. He is believed to have been involved with handling the money,” he said.
Also seized were three luxurious imported cars and two imported superbikes as well as RM53,035 and 18.8 million rupiah (approximately RM62,352).
“He has been remanded for four days beginning today under Section 420 of the Penal Code for cheating and dishonestly inducing delivery of property,” he said.
Acryl added that police would also take action under Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
He also urged Malaysians not to fall for such frauds
“Always verify with relevant government agencies when approached by individuals who offer high return investment schemes to avoid becoming a scam victim
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