Latest news with #FederalCommercialCrimeInvestigationDepartment
New Straits Times
4 days ago
- Business
- New Straits Times
Over 100 victims urge police to act on investment scam
KUALA LUMPUR: More than 100 victims allegedly duped by an investment scam have come forward to urge the police to take action against the syndicate responsible. The victims gathered outside the Federal Commercial Crime Investigation Department at Menara KPJ here this morning, hoping the authorities would expedite the investigation into the case. One of the victims, who only wanted to be known as Vincent, 38, a programmer, said he had dreams of getting married and buying a house. "I learned about the investment scheme through several friends and decided to join in. "I invested a total of RM120,000 before the company abruptly converted our investments into an unknown cryptocurrency with no real value," he said, adding that he has now lost his life savings. Vincent said it was difficult to accept that he had to start saving from scratch. "This was my life savings. How am I supposed to support my parents and my sister, who is still studying, as the sole breadwinner?" he asked. Meanwhile, retired accountant Alan Tan, 58, said he invested more than RM150,000 in the scheme back in 2020. "Without warning, they converted our investments into a cryptocurrency that had no value. "There was no one we could turn to when this happened. I just hope the police will step in and make an example out of them," he said, adding that he and other victims would only be satisfied if those responsible were sentenced to more than 25 years in jail and several strokes of the cane. Tan said many victims had lost their life savings and were forced to sell their homes just to make ends meet because of the scam. Another victim, who only wanted to be known as Ganesh, 50, said he, along with his family members and close friends, had invested nearly RM2 million. "My wife and I now don't know how to face them. "Many of them invested their life savings because, at first, the scheme offered good returns. We were shocked when the company later began paying returns in the form of an unknown cryptocurrency," he said. Malaysian International Humanitarian Organisation (MHO) secretary-general Datuk Hishamuddin Hashim said the organisation had received complaints from 209 victims involving losses amounting to more than RM82.16 million. "All of these victims have lodged police reports. "Based on our checks, the company is owned by a Malaysian and also employed other locals as marketing agents to promote the syndicate's schemes," he said, adding that the victims are urging the police to expedite investigations and bring those responsible to justice.
New Straits Times
5 days ago
- New Straits Times
Police detain two suspects believed masterminds of fake free haj packages
KUALA LUMPUR: The police have detained a man and a woman following allegations that a group of pilgrims had been offered bogus free-of-charge haj pilgrimage packages. Federal Commercial Crime Investigation Department acting director Datuk Seri Muhammed Hasbullah Ali said both individuals were detained by the 'Op Haji Terkandas' task force yesterday. "Both suspects, aged 36 and 39, are believed to be the masterminds behind these activities. "The suspects were remanded to assist witj further investigations under Section 420 of the Penal Code for attempted fraud," he said in a statement today.
New Straits Times
03-05-2025
- New Straits Times
'Tan Sri' arrested in Ponzi-linked money laundering probe taken to office, home
BAYAN LEPAS: The 'Tan Sri' who was detained in Penang on suspicion of being involved in money laundering linked to a Ponzi investment scheme in a neighbouring country was brought to his office in Jalan Mahsuri, Bayan Baru, yesterday. The 53-year-old suspect was escorted by police in a vehicle and was seen arriving at the premises of his office at 4.20pm. It is understood that the suspect was brought to the office for the purpose of inspecting the premises and related documents. The suspect, who was seen wearing an orange lock-up outfit, was later taken out of his office at 6.05pm. He was also reportedly taken to his home in Gelugor, near here, for a similar purpose, including asset seizure. Meanwhile, Federal Commercial Crime Investigation Department (CCID) acting director, Datuk Muhammed Hasbullah Ali confirmed that the suspect was taken to both his company and residence to assist in the investigation. "The investigation is still ongoing and a press conference will be held later regarding this latest arrest and the progress of the Op Northern Star probe," he said when contacted. It was reported that another individual with the title 'Tan Sri' was arrested by police on suspicion of being involved in money laundering linked to an investment scheme known as MBI.
