Latest news with #MuhamadFaridAhmad
The Sun
7 hours ago
- Business
- The Sun
10 arrested in RM399K forex scam bust in Puchong raid
SERDANG: Police have arrested 10 individuals believed to be involved in a foreign currency investment scam that caused losses amounting to RM399,787, in a raid at a premises in Bandar Puteri, Puchong last Friday. Sepang police chief ACP Muhamad Farid Ahmad said the suspects, comprising seven men and three women aged between 21 and 38, were believed to have assumed various roles, including managers, platform developers, customer service agents and administrators handling company documents. He said initial investigations revealed that the syndicate had been operating for the past six months, targeting both local and foreign victims. 'The syndicate allegedly offered lucrative returns on initial investments to gain victims' trust to continue investing through a self-developed app. 'It operated under two unregistered companies, and police are currently investigating another company believed to have been used to facilitate fund transfers from victims,' he told a press conference today. Muhamad Farid said checks on the application revealed a total of 2,597 individuals believed to have fallen victim to the scam, comprising 2,482 Malaysians, 111 Indonesians and one each from India, Mongolia, South Africa and Bhutan. 'During the raid, police seized three computer monitors, two CPUs, six laptops, 14 mobile phones and a Wi-Fi modem, all believed to have been used in the illegal operations, with a total seizure value estimated at RM45,000,' he said. He said none of the suspects had prior criminal records and all tested negative for drugs. 'The suspects were initially remanded for one day and released on police bail, but have since been re-arrested in connection with a report lodged in Taman Melawati,' he said, adding that the case is being investigated under Section 420 of the Penal Code and Section 137(1) of the Financial Services Act 2013.
Barnama
9 hours ago
- Business
- Barnama
Investment Scam Syndicate Busted In Puchong, 10 Held
SERDANG, June 23 (Bernama) -- Police have arrested 10 individuals believed to be involved in a foreign currency investment scam that caused losses amounting to RM399,787, in a raid at a premises in Bandar Puteri, Puchong last Friday. Sepang police chief ACP Muhamad Farid Ahmad said the suspects, comprising seven men and three women aged between 21 and 38, were believed to have assumed various roles, including managers, platform developers, customer service agents and administrators handling company documents. He said initial investigations revealed that the syndicate had been operating for the past six months, targeting both local and foreign victims. 'The syndicate allegedly offered lucrative returns on initial investments to gain victims' trust to continue investing through a self-developed app. 'It operated under two unregistered companies, and police are currently investigating another company believed to have been used to facilitate fund transfers from victims,' he told a press conference today. Muhamad Farid said checks on the application revealed a total of 2,597 individuals believed to have fallen victim to the scam, comprising 2,482 Malaysians, 111 Indonesians and one each from India, Mongolia, South Africa and Bhutan. 'During the raid, police seized three computer monitors, two CPUs, six laptops, 14 mobile phones and a Wi-Fi modem, all believed to have been used in the illegal operations, with a total seizure value estimated at RM45,000,' he said. He said none of the suspects had prior criminal records and all tested negative for drugs. 'The suspects were initially remanded for one day and released on police bail, but have since been re-arrested in connection with a report lodged in Taman Melawati,' he said, adding that the case is being investigated under Section 420 of the Penal Code and Section 137(1) of the Financial Services Act 2013.
New Straits Times
9 hours ago
- Business
- New Straits Times
Police bust Puchong investment scam syndicate, 10 arrested
SERDANG: Police have arrested 10 people believed to be involved in a foreign currency investment scam that caused losses amounting to RM399,787, following a raid on a premises in Bandar Puteri, Puchong, last Friday. Sepang police chief Assistant Commissioner Muhamad Farid Ahmad said the suspects, comprising seven men and three women aged between 21 and 38, were believed to have taken on various roles, including managers, platform developers, customer service agents, and administrators handling company documents. He said initial investigations revealed that the syndicate had been operating for the past six months, targeting both local and foreign victims. "The syndicate allegedly offered lucrative returns on initial investments to gain victims' trust and encourage continued investment through a self-developed app. "It operated under two unregistered companies, and police are currently investigating another company believed to have been used to facilitate fund transfers from victims," he told reporters here today. Farid said checks on the application showed a total of 2,597 suspected victims, comprising 2,482 Malaysians, 111 Indonesians, and one each from India, Mongolia, South Africa, and Bhutan. "During the raid, police seized three computer monitors, two CPUs, six laptops, 14 mobile phones, and a Wi-Fi modem, all believed to have been used in the illegal operation. "The total value of the seized items is estimated at RM45,000," he said. He added that none of the suspects had prior criminal records and all tested negative for drugs. "The suspects were initially remanded for one day and released on police bail but have since been re-arrested in connection with a report lodged in Taman Melawati," he said.
The Star
13 hours ago
- The Star
Seven arrested in Serdang police ops on burglars and snatch thieves
SERDANG: District police have solved a house break-in and a series of snatch thefts with the arrest of seven suspects in two separate cases. In the first case, two men with criminal records were detained over a burglary in Bandar Putra Permai here. Serdang OCPD Asst Comm Muhamad Farid Ahmad said the victim left his home at about 7am on June 7. "When he returned at 4pm the next day, he discovered his house had been broken into. "The house was in shambles and his car and valuables were missing," he told a press conference at Serdang district police headquarters on Monday (June 23). ACP Farid said the losses, including the car, two laptops, sunglasses and cash, came up to about RM42,000. "An investigation led to the arrest of two men, aged 38 and 44, in Klang on June 18. "We recovered the stolen items as well," he said, adding that the suspects had been remanded until today and police would apply for an extension. In the second case, ACP Farid said a snatch theft gang consisting of three men and two women, believed to be responsible for 39 cases in Selangor, was busted in an operation codenamed Ops Sentap Jay. "The suspects aged 20 to 30 were detained on June 19. "We believe they are responsible for cases in Serdang, Kajang and Subang Jaya," he said. Several items were seized, including a motorcycle, helmets, a laptop, a pawn shop receipt and jewellery, he added.
The Star
13 hours ago
- The Star
Investment scam ring busted, 10 nabbed in Puchong raid
SERDANG: An investment scam syndicate has been busted in a raid on a call centre in Bandar Puteri Puchong. A total of 10 suspects, seven men and three women, were arrested during the operation. Serdang OCPD Asst Comm Muhamad Farid Ahmad said the raid was conducted at about 2.30pm on Friday (June 20). "We detained the suspects, aged between 30 and 40, including the ringleader. "So far, four victims have come forward with almost RM400,000 in losses," he told a press conference at Serdang district police headquarters on Monday (June 23). Various items worth RM45,000 were seized, including six laptops, 14 mobile phones, a modem and three monitors, he added. "The syndicate used online platforms to mimic foreign exchange schemes to dupe victims. "We believe they have been operating for about six months," he said. ACP Farid said the syndicate targeted mostly locals. "However, there are victims from Indonesia and India. "The syndicate would promise high returns within a short time to entice its targets," he said. He advised anyone planning to invest in a scheme to verify its authenticity with the Securities Commission first. "It is unfortunate that some people were duped by the promise of huge returns within a short time (and) failed to check the legitimacy of the scheme," he said. The suspects were remanded for one day Saturday (June 21) but were rearrested by Ampang Jaya police for a similar scheme in that district, he added. COMP COURTS CRIME
