Bukit Aman Commercial Crime Investigation Department director Datuk Mohd Kamarudin Md Din said they comprised nine men and a woman aged 29 to 64, detained in Perak, Selangor, Kuala Lumpur, Melaka and Johor.
He said 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% to 14% of the total capital invested,” he said in a special press conference on Wednesday (Jan 5).
Mohd Kamarudin said the syndicate promised investors that their money would be invested by GCG ASIA in various mediums to generate huge profits.
According to him, 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.
He said nine of the suspects were under remand until Wednesday, while another was remanded on Tuesday, and an application to extend their remand order was currently underway.
Four of the suspects were also found to have fraud-related criminal records.
Kamarudin said based on investigations so far, no VIPs or dignitaries were involved with the syndicate.
“The 40-year-old mastermind holds the title of Datuk, who calls himself 'Datuk Seri' under their modus operandi. He also has a Master's degree in Business Administration,” he said.
He 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.
He said people should first check if the companies offering such investments were licensed by Bank Negara Malaysia to do so.
Also verify their accounts and phone lines through the website https://ccid.rmp.gov.my/semakmule/ to know whether they have been involved in fraud cases reported previously.
“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.
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