Some 155 Malaysians Lost Over RM3 Million After Falling For A Musang King Investment Scam
Police have arrested five suspects so far.
By Sadho Ram — 09 Dec 2018, 12:39 PM
A Musang King Durian investment scheme has caused some 155 people in Malaysia to be cheated of more than RM3.1 million in cash
According to Bernama, which quoted Sabah Police Commissioner Omar Mammah, the Musang King investment schene promised attractive returns with low deposits.
The investment scheme was promoted through social media platforms such as Facebook, Whatsapp or Telegram to lure gullible victims by claiming that they would have a lucrative return upon participation through four different packages.
Commissioner Omar said the first package involved an investment of RM350 in return for RM12.25 per day for 66 days and get a total of RM508.50.
"The second package was to pay RM1,250 and get RM50 daily returns over 66 days with a total of RM3,450 while the third package of RM3,000 investment will get a return of RM135 for 66 days with a total profit of RM9,720.
"The fourth is an RM6,000 investment which promises the victim RM300 return for 66 days with a total return of RM22,500," the Commissioner added.
The scam first came to light on 28 November when a man in Melaka lodged a police report claiming he was cheated of RM8,400
"The complainant said he banked in the money to an account with a local nominee and had not received the returns ever since," Omar was quoted as saying by Bernama.
He said the promotion for the scheme started in August and went active in September.
Following an investigation, police arrested four men in Kota Kinabalu and one in Selangor from 30 November to 6 December
Commissioner Omar said that the suspects are aged 25 to 36, with one of the suspects have had a previous criminal record involving drugs and is wanted in the peninsula.
The case is being investigated under Section 420 of the Penal Code for cheating which carries a jail term of up to 10 years, caning or both if convicted.
Meanwhile, Commissioner Omar added that police were expecting more victims to come forward soon as they are still looking for other syndicate members.