Bukit Aman Commercial Crime Investigation Department director Datuk Zainuddin Yaacob at a media briefing after the successful arrest of members of syndicate involved in an investment scheme called Emas Fintech on Feb 5--fotoBERNAMA Copyrights ReservedPolice arrested nine local men on suspicion of being involved in a cryptocurrency investment fraud syndicate, resulting in losses amounting to about RM2.8 million, in several raids in Penang, Selangor and Kuala Lumpur on Wednesday .
He said the syndicate was believed to have been operating since April last year by offering returns on investments of 10 to 15 per cent per month and promising a supposedly secure currency trading system as well as a sophisticated system to attract the public. “However, investors have not been able to use the Emas Fintech website to view trading transactions since December 2020, leading them to believe they have been cheated. So far, 43 police reports have been lodged,” he told a special press conference today.
“All the suspects have been remanded under Section 117 of the Criminal Procedure Code and investigations are conducted in accordance with Section 420 of the Penal Code as well as actions under POCA and AMLA will also be taken,” he said.