81 Foreigners Arrested For Running 24 Investment Fraud Bases Worth RM1 BILLION In Malaysia

81 people were arrested after a British man had come to Malaysia to set up ‘base camps’ for transnational investment scams here. In total, the man had set up as many as 24 bases in the Klang Valley and Penang. Thankfully, the Malaysian Anti-Corruption Commission (MACC) has shut it all down.

According to a report by China Press, MACC received cross-border intelligence in regards to this and had sent secret and undercover agents to investigate the fraud syndicate for a period of time.

Come February 21 (Tuesday), the timing had been right and they mobilised 164 officials together with 7 domestic law enforcement units to raid the 24 bases.

In total, 81 suspects from Australia, the United Kingdom, South Africa, New Zealand and the Phillipines were arrested.

This transnational investment fraud syndicate had been active for 4 years and throughout this time had made at least RM1 billion in ill-gotten wealth worldwide. In the UK and Australia alone, at least RM200 million was defrauded.

MACC shared that the group had began their activities in Malaysia in 2019 and they mainly lured people online to participate in false investment plans. They then remitted their money to the bank accounts of 24 shell companies that had been set up by the group and transferred the money overseas. The money would then be finally transferred to the pockets of those involved.

MACC chief commissioner Tan Sri Azam Baki highlighted that the leader of this group is the British man mentioned above.

The successful take down of the group comes in cooperation with the Australian authorities as well as several foreign agencies, and they adopted various investigation methods such as financial investigation and secret undercover agents to obtain criminal evidence.

We’re so thankful that the fraud syndicate has been eliminated so that innocent people are now safe from their conniving activities.

Do stay tuned for more updates. 

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