The son of a renowned guitarist was arrested on Wednesday for allegedly offering an illegal investment scheme

Guitarist's son arrested over link to illegal investment scheme

TEOH PEI YING
New Straits TimesAugust 25, 2017






KUALA LUMPUR: The son of a renowned guitarist was arrested on Wednesday for allegedly offering an illegal investment scheme involving losses of more than RM1 million to participants.

Federal police Commercial Criminal Investigation Department deputy director Datuk A Thaiveegan said the 33-year-old man, was detained at Jalan Tun Razak at 5.15pm.

He said the man was the chief executive officer of the investment company.

“Police also seized various documents from the company that offers investment in health and beauty products using the name of the guitarist.

“The company promises a profit of 20 to 30 per cent monthly to investors who can join the scheme with a minimum amount of RM3,000,” he said.

Thaiveegan said police had received 89 police reports against the company.

He advised the public to be wary of companies offering investment scheme that promised high returns in a short time.

Police are in the process of identifying several other people believed to have links to the case.