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KUALA LUMPUR, April 20 -- Police received a total of 15 reports related to a fraudulent oil and gas-based investment scheme known as Brunei Investment Agency (BIA) involving losses amounting to more than RM500,000 last Saturday.
Dang Wangi District Police chief ACP Mohamad Zainal Abdullah said the syndicate’s fraudulent activities had been detected since last October until early April, with all investors or victims receiving part of their investment profits before being cheated.
“The scam was discovered on April 16 when the admin of the WhatsApp group could not be contacted for feedback. The victims had invested about RM508,005,” he said in a statement today.
He said the victims were offered investments from as low as RM120 and with no maximum limit, while the syndicate provided investment-related information through Facebook and a WhatsApp group.
He added that the syndicate offered a short-term investment package that promised returns within seven to 40 days and long-term package promising returns of 200 per cent within two to four months.
“An investigation paper has been opened regarding the case for further investigation under Section 420 of the Penal Code for committing fraud and we are still tracking down the suspects,” he said.
Mohamad Zainal advised the public to not be easily duped by investment schemes offered via social media and to always check the background of the companies so that they would not fall prey to such syndicates.
Those with information regarding the case can contact the Dang Wangi Commercial Crime Investigation Division at 03-2600222 or the Kuala Lumpur police at 03-21159999.