Latest news with #investmentScam
CTV News
3 days ago
- Business
- CTV News
Alberta senior charged with defrauding victims of $5M after 7 year investigation
A Sherwood Park senior has been charged with fraud after police say he took $5 million from victims as part of an investment scam. The original fraud complaint was received by Parkland RCMP in July 2018. Police say Allan Magneson, 86, approached local professionals for an investment. Investigators say the funds were diverted for personal use and there was no return to the investors. As part of a seven-year investigation, Mounties were able to identify multiple victims. On May 13, Magneson turned himself into Sherwood Park RCMP. He has been charged with five counts of fraud over $5,000 and laundering the proceeds of crime. He has been released from custody and will appear in court in Sherwood Park on June 25.
Malay Mail
7 days ago
- Business
- Malay Mail
MBI investment scam crackdown: 477 properties, RM328m frozen as cops nab ‘Tan Sri' in billion-ringgit bust
KUALA LUMPUR, May 30 — Police have seized and frozen an additional RM527.5 million in assets linked to the MBI International Group investment scam, bringing the total value of assets recovered to RM3.8 billion. Bukit Aman commercial crime investigation department (CCID) acting director Datuk Seri Muhammed Hasbullah Ali said the latest seizures followed the arrest of three individuals earlier this month in Penang and Kuala Lumpur, including a businessman with a 'Tan Sri' title, according to a report published in Free Malaysia Today. 'Among the seized assets are 477 properties valued at approximately RM150 million, four condominium units worth RM12 million, as well as four luxury yachts and three passenger boats worth RM36.3 million,' Hasbullah said at a press conference today. He added that 37 bank accounts holding RM328 million were frozen, and that authorities also confiscated three luxury vehicles worth RM637,000, RM283,070 in cash, and various items including watches, jewellery, mobile phones, and documents. Five business entities allegedly tied to the scam were also seized, including a durian plantation company, a property developer, and a hotel operator. Hasbullah said further arrests and asset seizures are expected as investigations under Op Northern Star continue. When asked about political involvement, Hasbullah said there was no evidence of any such connection at this stage. The operation, which targets financial syndicates in the Klang Valley and northern Peninsular Malaysia, has so far seen 17 people arrested and 988 bank accounts frozen. The suspects are believed to be part of a cross-border Ponzi-style investment scheme operated by the MBI group. Separately, police also busted two phone scam syndicates targeting Japanese nationals in Kajang and Cheras on May 13, seizing electronic devices worth RM25,000. In Kajang, six Japanese and two Chinese nationals were arrested at a three-storey bungalow used as a call centre, where they impersonated Osaka police using spoofed calls via the Bria Mobile app. Two Chinese suspects have been charged, while the six Japanese suspects will face charges on June 3. In Cheras, 11 people — seven Japanese and three Taiwanese — were arrested, with police seizing laptops, mobile phones, fake police uniforms, and documents valued at RM20,000. Three Taiwanese suspects have been charged, while the remaining eight will serve as prosecution witnesses. Hasbullah also said a special task force will be stationed at KLIA to tackle Haj package fraud during the pilgrimage season, following reports of RM874,100 in losses across four cases this year.
Free Malaysia Today
7 days ago
- Business
- Free Malaysia Today
RM3.8bil in assets seized in MBI investment scam probe
Bukit Aman commercial crime investigation department acting director Hasbullah Ali said the latest seizures followed the arrest of three individuals in Penang and Kuala Lumpur earlier this month. (Bernama pic) KUALA LUMPUR : Police have seized and frozen additional assets worth RM527.5 million linked to the MBI International Group investment scam, raising the total value of seized assets in the case to RM3.8 billion. Bukit Aman commercial crime investigation department (CCID) acting director Hasbullah Ali said the latest seizures followed the arrest of three individuals in Penang and Kuala Lumpur earlier this month, one of whom is a businessman with a 'Tan Sri' title. 'Among the seized assets are 477 properties valued at approximately RM150 million, four condominium units worth RM12 million, as well as four luxury yachts and three passenger boats worth RM36.3 million,' Hasbullah said at a press conference at Menara KPJ here today. He added that 37 bank accounts containing RM328 million were frozen. Other confiscated items include three luxury vehicles worth RM637,000, RM283,070 in cash, and various watches, jewellery, mobile phones and documents. According to Hasbullah, five business entities tied to the scam have also been seized, including a durian plantation company, a property developer, and a hotel operator. He said more arrests and asset seizures are expected as investigations are still ongoing. When asked if any politicians were involved, Hasbullah said investigations have not found any evidence of a political connection, as yet. The latest development is part of Op Northern Star, a major police operation targeting financial syndicates operating in the Klang Valley and northern Peninsular Malaysia. To date, 17 individuals have been arrested and 988 bank accounts frozen under the operation. All suspects are believed to be linked to a cross-border Ponzi-style investment scheme operated by MBI group. Scam call centres busted Hasbullah also said two phone scam syndicates targeting Japanese nationals were busted in Kajang and Cheras on May 13. Devices worth RM25,000 were seized during the raids. In Kajang, six Japanese nationals and two Chinese men were arrested at a three-storey bungalow used as a call centre. The syndicate, which had been active for about two months, used spoofed calls through the Bria Mobile app to impersonate Osaka police officers and trick victims into transferring money. Two Chinese suspects were charged on May 22, while the six Japanese suspects are expected to be charged on June 3. In Cheras, 11 individuals — seven Japanese and three Taiwanese — were arrested during raids at two condominium units. Police seized laptops, mobile phones, fake police uniforms, and documents worth RM20,000. The syndicate used apps such as Got Further and Swapface to impersonate law enforcement and extort cryptocurrency from victims. Three Taiwanese suspects were charged on May 16, while the remaining eight individuals have been listed as prosecution witnesses. In a separate case, Hasbullah said a special task force has been established and will be based at KLIA to combat haj package fraud during the pilgrimage season. Hasbullah noted that while the number of cases has dropped from 11 in 2023 to four in 2024, the total losses increased to RM874,100. One case reported this year involved losses amounting to RM71,000.
ABC News
21-05-2025
- ABC News
Man on FBI's most wanted list found living in Sydney
Geoffrey John Busch is wanted over an investment scam in Florida in the early 2000s and just months after a renewed FBI effort to track him down, the ABC found him living in Sydney's southern suburbs.
Times
17-05-2025
- Business
- Times
Frauds who stole £260k from Colin got me too, so I taped them
As the former managing director of a British investment company, with a master's in business from Harvard University, Joe considered himself an unlikely victim of an investment scam. But when the retired businessman received a call about recovering funds held in escrow relating to an investment he had made in wine trading, he became one of the nine million Britons a year who are duped by scammers. Joe, who asked for his full name not to be published, contacted The Sunday Times after reading about Colin Chudley, a 68-year-old mobile vendor who lost £260,000 and 'died a broken man' last month. Joe said: 'I am sure that I spoke to the exact same scammer just last week. I heard the voice of the scammers
