Cops nab nine, including ‘Datuk Seri,’ for Planetrade investment scam | Malaysia

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Bukit Aman Commercial CID Director Datuk Mohd Kamarudin Md Din shows pictures of the suspects during a press conference at Menara KPJ in Kuala Lumpur on March 4, 2022. ― Bernama pic

KUALA LUMPUR, March 4 — Police arrested nine residents, including a man who used a false headline “Datuk Seri” on suspicion of being involved in a non-existent investment fraud syndicate Planetrade, in separate raids on Monday.

Bukit Aman Commercial CID Director Datuk Mohd Kamarudin Md Din said all the suspects, including six women aged between 41 and 62, were apprehended around Kuala Lumpur, Selangor and Penang.

He said a total of 21 reports had been received, including 12 from Kuala Lumpur, five from Selangor, two from Kelantan and one from Melaka and Terengganu involving a loss of RM3.32 million.

“Investigation revealed that a 46-year-old man who used a false title ‘Datuk Seri’ was the mastermind behind the case and allegedly owned four companies to carry out the non-existent investment business.

“The other suspects are agents or those actively carrying out the business of the companies and all are being remanded for two to four days starting March 2 to assist in the investigation,” he said during the interview. a press conference at Menara KPJ here today.

He said a total of 27 accounts believed to be linked to the case amounting to RM755,000, as well as the shares of the mastermind in the four companies have been frozen, to help the investigation.

Mohd Kamarudin said six luxury cars were also seized, including a Bentley, two Toyota Vellfires, a Mercedes Benz GLC 200 and various company registration documents as well as investment-related documents.

“Investigations revealed that the syndicate began operating in January 2021 and offered the purchase of “preferred shares” which promised a fixed rate of profit of around four to five percent per month on invested capital.

“Investors are also assured that the investment money is invested in various Sharia-compliant investments inside and outside the country to ensure large and stable profits,” he said.

He said the investigation also revealed that an investor suffered a loss of RM4.6 million but the victim failed to show up to file a police report.

He explained that at first the investors would receive the promised monthly profits, but after a few months the syndicate would no longer communicate with the victims.

He said the matter was being investigated under Section 420 of the Criminal Code for fraud, the Anti-Money Laundering and Countering the Financing of Terrorism Act 2001 and the Prevention of Crime Act 1959 (POCA). ― Bernama

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