Cops: Over RM80mil lost to Zuttelo investment scam, 220 reports lodged since August

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KUALA LUMPUR: Police have received 220 reports involving more than RM84.57mil in losses over the Zuttelo investment scam since August 2022.

Police Force secretary Deputy Comm Datuk Norsiah Mohd Saaduddin said the Commercial Crime Investigation Department was currently conducting an investigation into the scam.

"The case is currently being investigated as cheating under Section 420 of the Penal Code," she said in a statement on Thursday .She said based on investigations, the syndicate began collecting investments from 2020 before its company website went offline in August this year. "Interested parties were made to register via an app downloaded through a website link and were given the option to either invest in money or cryptocurrency," she said.DCP Norsiah urged the public to be cautious and conduct thorough checks via official channels such as the “Semak Mule” app, Bank Negara Malaysia's Alert List and the Securities Commission before making a decision to invest in any scheme.

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Hahaha faces that thought by giving into their greed of 16% monthly return will make them rich fast. Never have common sense. Why they want to pay you 16%/month when they can get loan at 6%.

how could they easily falls into such a scam.

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