Police: Over 90 reports lodged over Planetrade fraud scheme involving RM17m in losses

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Police: Over 90 reports lodged over Planetrade fraud scheme involving RM17m in losses
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KUALA LUMPUR, April 7 — The police said today that their Commercial Crime Investigation Department (CCID) has received a total of 92 police reports since 2021 relating to a...

KUALA LUMPUR, April 7 — The police said today that their Commercial Crime Investigation Department has received a total of 92 police reports since 2021 relating to a non-existent investment fraud syndicate calling itself Planetrade.

“As a result of the arrest, the main suspect who was the mastermind of the investment fraud scheme was charged under Section 420 of the Penal Code and Section 137 of the Financial Services Act 2013. Section 420 handles “cheating and dishonestly inducing delivery of property”, while Section 109 deals with abetment.

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