In an ongoing effort to clamp down on scam syndicates operating within the country, the Malaysian Anti Corruption Commission (SPRM) has announced that they have successfully managed to take down an investment scam syndicate masterminded by United Kingdom nationals that had been operating out of Malaysia, reports local newspaper Sinar Harian.
Investment scam based out of M’sia raided by authorities
Raids in connection with the syndicate were carried out across 24 locations in Kuala Lumpur as well as in Penang on Tuesday (February 21st, 2023), reports The New Straits Times. According to MACC Chief Tan Sri Azam Baki, the operation, dubbed ‘Op Tropicana’, was organised jointly with the Immigration Department of Malaysia, the Malaysian Communications and Multimedia Commission, Cyber Security Malaysia, Telekom Malaysia, the Companies Commission of Malaysia, TNB, as well as the Inland Revenue Board.
Azman said that the raids were carried out on three call centres that are otherwise referred to as ‘boiler rooms’, company premises, as well as residences that were occupied by members of the syndicate.
“The raids were carried out through ‘intelligence based investigations’, financial investigations, covert operations, undercover operatives, as well as other means.”
Intelligence related to the syndicate’s operation was also obtained through a collaboration with agencies in several foreign countries including Australia, as well as the Anti-Money Laundering Division of the MACC.
MACC also claims that the syndicate has been bribing authorities to allow them to continue their operations undetected since 2019.
Targeted victims in Australia and the United Kingdom
Members of the syndicate hailed from Australia, the United Kingdom, South Africa, and the Philippines.
“It is believed that they have been scamming victims from Australia and the UK by persuading them to place their money into investments that do not exist,” he adds.
The syndicate would field for potential victims by advertising fake investment schemes over social media, When a victim registers through their site upon clicking into the advertisement, they would be contacted by one of the syndicate’s representatives, who would then convince them to place a certain amount of money into their accounts.
The victims would then transfer their money into one of 24 companies that the syndicate had set up, before the funds were funneled overseas and into the accounts belonging to the syndicate. They are said to have managed to scam around RM200 million from their victims to date.
One of the raided ‘boiler rooms’ was located in Petaling Jaya and was almost completely emptied out by the time the authorities had arrived, if not for a few desks with telephones still attached.
During the operation, one of the suspects, a New Zealand national, had attempted to escape by jumping out from the 14th floor of the building but landed on the 11th floor and sustained injuries to his hand and hip bone as a result.
A total of 11 people were hauled up for their suspected involvement in the syndicate, with another 70 people working under the organisation detained by the Immigration authorities.
Suspects have since been remanded for six days on an order issued by Magistrate Mohd Dinie Shazwan Ab Shukor, and were later seen handcuffed and dressed in the MACC’s lockup garb before being taken to the Putrajaya Magistrate’s Court, reports Malay Mail.
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