KUALA LUMPUR: Police have busted an investment fraud syndicate operating on TikTok and detained eight individuals, including two women, in separate raids in Petaling Jaya, Selangor, on April 25.
Bukit Aman Commercial Crime Investigation Department (CCID) director Datuk Seri Ramli Mohamed Yoosuf said those arrested were between 21 and 43 years-old.
He added that seven laptops, 11 mobile phones, an undisclosed sum of counterfeit US dollars and 10 fake gold bars were seized.
"The syndicate is suspected of targeting local citizens for its online fraudulent investment activities.
"Their premises was used as a customer service centre, and an advertising and investment promotion centre," he said during the CCID director's special media conference at Menara KPJ, here today (May 3).
He said, the syndicate promoted stock market transactions allegedly operating in Hong Kong. Interested investors were added to a Telegram group.
"We believe they have been active since August last year and the case is being investigated under Section 420 of the Penal Code," Ramli said. — BERNAMA
