ALOR STAR: Police detained a 57-year-old Kedah-based company director yesterday to aid investigations into an investment scam case involving RM11 million in losses.
Kota Star district police chief Syed Basri Syed Ali said the man was detained while providing a statement at the Kota Star district police headquarters around 4.30pm.
"The individual is the director of an investment company purportedly with nine branches across Perlis, Kedah, Johor, Negri Sembilan, Penang, Perak and Melaka.
"The company's operations involve enticing clients to invests in property development, assets, and liability management, with claims of overseeing 10 projects under its banner.
"However, an investigation found that the company lacks any authorisation or approval from Bank Negara Malaysia (BNM)," he said when contacted today.
Syed Basri said that the investigation is ongoing under Section 420 of the Penal Code for fraud.
On November 30, 80 victims of an investment scam urged police to take immediate action against a Kedah-based company for allegedly cheating them of more than RM11 million.
The victims recently attended a closed-door meeting with Commercial Crime Investigation Department (CCID) director Datuk Seri Ramli Mohamed Yoosuf regarding the case.
Ramli confirmed that the police have received over 80 reports relating to the case.
It is also confirmed that 15 investigation papers had been opened pertaining to the case.
Meanwhile, Malaysian International Humanitarian Organisation (MHO) secretary-general, Datuk Hishamuddin Hashim reportedly said the victims, mostly from Muar, Johor; Perlis and Kedah, had lodged police reports against the company since March this year but no action had been taken.