Four Bruneian nationals were arrested by Malaysian authorities alongside 28 individuals in connection with an investment crime syndicate, according to media reports.
The individuals were detained during a surprise raid by Malaysian police on a bungalow previously used as a consular office and residence.
The syndicate also had armed guards patrolling the compound in order to keep up appearances that the consulate was still operational, according to Malaysian media reports.
Bukit Aman Commercial Crime Investigation Department (CCID) uncovered the syndicate’s operations and conducted a sting operation last week.
Director of Commercial Crimes Ramli Mohamed Yoosuf said police raided the bungalow on November 22.
“We arrested 28 individuals there including seven China nationals, four from Brunei and four South Koreans. We also seized a notebook, one tablet, one laptop as well as 41 mobile phones, 13 passports, and a car,” he told reporters on Wednesday.
“Based on our investigations, the syndicate offered bogus investments and promised high returns in a short time frame,” he said, adding that it promised returns in the form of Tether (USDT) cryptocurrency. He said investors were offered seven packages ranging between USD155 and USD31,000.
“The syndicate promised daily returns of between one and two per cent which would be paid via a web portal managed by the syndicate.
“We have opened investigations under Section 420 of the Penal Code for cheating,” he said, adding that the 13 Malaysians arrested have been released on bail while the foreigners were remanded under the Immigration Act 1959/63 for further action.
“We wish to advise the public who are interested in making investments using cryptocurrency to refer to the Securities Commission,” he said. – James Kon
