KUALA LUMPUR: Two Malaysian citizens, one who is the mastermind of an investment fraud syndicate with assets worth more than five billion baht (RM657.90 million), were detained by the Thai police.
The male suspect who is in his 40s, along with another 26-year-old Malaysian, were arrested along with seven other Thai nationals in several raids in Sadao, Songkhla, and Bangkok.
The investment fraud syndicate, known as 'Nichare', is suspected of deceiving more than 50 investment fraud victims, resulting in losses of 800 million baht (RM105.26 million).
Confirming the matter, Bukit Aman Commercial Crime Investigation Department (CCID) director, Datuk Seri Ramli Mohamed Yoosuf, said they are working closely with the Royal Thai Police to track down the network of the syndicate in this country.
"Based on the latest information from the Thai police, following the arrest of the nine suspects, they later raided a call centre in Bangkok and allegedly arrested three more Malaysian men who were found to have past criminal records.
"Our initial investigation found that the suspect who is in his 40s is the mastermind behind the Nichare investment fraud in this country and Thailand.
"This is because they were found to be using the same network of sponsorship to trap victims transnationally in Malaysia, Thailand, Hong Kong, and Cambodia," he said at a press conference at Menara KPJ here today.
Ramli said from September last year until March 12, 2024, a total of 70 reports involving Nichare investment fraud with losses amounting to RM14,377,066.14 were received and masterminded by the suspects.
"Of the 70 police reports, the CCID has opened 52 investigation papers besides identifying and tracking down the remnants of the network in this country.
"Moreover, close cooperation and information sharing between the Malaysian police, Thai police, and International Police (Interpol) are expected to curb this fraud syndicate in the near future," he said.
