KUALA LUMPUR, Feb 24  — Police have received 19 reports involving total losses estimated at RM3 million in connection with a local media report entitled “400 individuals lost RM54 million to buy Datuk Seri’s company preference shares”.

Bukit Aman Commercial CID director Datuk Mohd Kamarudin Md Din said the case is being investigated under Section 420 of the Penal Code for fraud.

He said police have identified the main suspect and other suspects, and efforts are underway to track down and detain them.

“Based on investigations, this investment scheme offers the purchase of shares of companies that are allegedly Shariah-compliant.

“Investors are promised an interest of four per cent monthly and the principal investment money will be returned after the investment contract expires,” he said in a statement tonight.

Kamarudin said, however, the interest was only paid at the initial stage of the investment before the company “disappeared”.

He said police advised the public to be cautious and carry out a more detailed study before participating in any investment scheme, especially those that promise very lucrative profits.


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