28 Foreigners Arrested Over Online Stock Investment Fraud Syndicate

TAWAU, May 7 (Bernama) -- Police busted a non-existent online stock investment syndicate targeting South Korean nationals with the arrest of 28 foreigners, including two women, in Bandar Sri Indah here today.

Tawau Police Chief ACP Jasmin Hussin said the syndicate is believed to have entered Sabah to carry out fraudulent activities using various instant messaging platforms.

“The suspects comprised 27 Chinese nationals and one Vietnamese national aged between 21 and 51. The location raided is a house used as a residence, workplace, and training centre for the syndicate.

“During the raid, police seized 33 mobile phones, three laptops, and two internet modems with an estimated value of RM50,000,” he said in a statement, here today.

Jasmin said all suspects have been remanded for four days to assist investigations under Section 420 of the Penal Code for cheating and Section 120B for criminal conspiracy.

“Police are conducting further investigations to identify the specific roles of those detained, the syndicate's network, the total number of victims, and the losses incurred,” he added.

Jasmin advised the public to be cautious of suspicious phone calls and to verify all information before making any financial transactions.

-- BERNAMA