KUALA LUMPUR: A syndicate that scammed investors of over RM3.29 million in a purported "livestock farming business" has been busted with the arrest of 11 people.
Police have 34 frozen bank accounts with savings totalling RM6.5 million, seized 13 luxury vehicles worth RM2.9 million and 2,143 sheep.
Federal Commercial Crime Investigation Department director Datuk Seri Ramli Mohamed Yoosuf said today the operation was coordinated with other government agencies.
"The raids, which began on June 26, were carried out at various premises across Perak, Selangor, Kuala Lumpur, Melaka, Terengganu and Labuan."
He said the syndicate was known as "Ayam Kampung Pertubuhan Amal Kita Kinta, Perak".
He said among the agencies involved in the operation were the Inland Revenue Board, Bank Negara Malaysia, Companies Commission of Malaysia, Malaysian Anti-Corruption Commission, Cybersecurity Malaysia, Domestic Trade and Cost of Living Ministry and Anti-Money Laundering Criminal Investigation Division.
Ramli said those arrested comprised eight men and three women aged between 38 to 56.
They are believed to have conducted various roles within the syndicate such as founders, directors, secretaries, agents and volunteers.
"Based on investigations, the syndicate, operating since early 2023, purportedly offered investments related to the ayam kampung (free range chicken) farming business.
"The investment programme required a minimum investment of RM250, promising returns of RM13 per month or an exchange of one ayam kampung," he said at a press conference here today.
He said investor funds were deposited into bank accounts registered under the organisation's name.
However, Ramli said from September 2023, investors no longer received the promised returns.
"The anti-money laundering investigation team has so far frozen 34 bank accounts under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA), and unit trust with a total value of RM6,564,278.79.
"Seizure actions under the AMLATFPUAA 2001 have also been taken against 13 vehicles estimated at RM2,979,400.
"Additionally, 2,143 sheep were seized, with the estimated value of the animals still pending," he said.
Police also seized 13 gold necklaces, two gold rings, 20 mobile phones, four tablet devices, 17 laptops, RM1,000 in cash and eight cheque books.
They also found 37 bank cards, 71 sets of various documents, 11 different types of stamps, 17 banners and other items suspected to be linked to fraudulent activities conducted by the syndicate.
He said 85 police reports had been lodged nationwide regarding the investment scheme, with total losses amounting to RM3.29 million.
He said the cases were under investigation under Section 420 of the Penal Code.