Police received 15 reports related to oil and gas -based investment fraud known as the Brunei Investment Agency (BIA) involving losses worth more than RM500,000 last Saturday.
According to Dang Wangi District Police Chief, ACP Mohamad Zainal Abdullah, the syndicate was detected since October last year until early this month with all investors or victims receiving part of their investment money before being cheated.
"The scam was detected by the victim on April 16 when the 'admin' of the WhatsApp group that was created failed to be contacted and did not respond.
"The total investment made by the victim is estimated at RM508,005," he said in a statement as reported by Bernama.
He added that the victim was offered an investment as low as RM120 and there was no maximum limit and information related to the investment was given to the syndicate through the social networking site Facebook and WhatsApp groups.
He explained that the syndicate offers short -term investment packages that promise returns within 7 to 40 days as well as long -term packages within 2 months to 4 months with a return of 200%.
"An investigation paper has been opened regarding the case for further investigation under Section 420 of the Penal Code for committing fraud and the suspects involved are still being traced," he said.
Mohamad Zainal advised the public not to be fooled by any investment offered through social media and make proper checks on the company's background so as not to become a victim.
Any information related to the investment fraud can be channeled to the Commercial Crime Investigation Division of IPD Dang Wangi Kuala Lumpur at 03-2600222 or the Kuala Lumpur Police toll-free line at 03-21159999.
