KUALA LUMPUR: Police have crippled a bogus telecommunications investment scheme syndicate with the arrest of a local man.
Police secretary Deputy Comm Noorsiah Mohd Saaduddin said the 32-year-old suspect was arrested following a raid here on Wednesday .
"Based on our investigations, the suspect is the mastermind of the syndicate which has been operating since 2020," she said in a statement on Friday .She added that the syndicate offered bogus investment schemes for SIM cards and other telecommunications service-based products."Our investigations revealed that investors only received returns for a short time before the company claimed it was suffering losses and could no longer make payments," she said.
"We urge any victims out there to come forward and lodge reports," she said, adding that the suspect has been remanded for two days to assist further investigations.
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