KUALA LUMPUR: Four additional suspects have been arrested in connection with a RM110 million gold investment scam, linked to the same scheme that led to the arrest of Siti Hajartul Haini Abd Hamid.
Federal Commercial Crime Investigation Department director Datuk Seri Ramli Mohamed Yoosuf said that the four individuals, aged between 29 and 38, were apprehended during raids in Kedah and Kuala Lumpur on Monday and Tuesday.
"We have seized six mobile phones and a passport from the suspects. They, along with the woman detained at Penang International Airport, are in custody until Oct 25 for further investigations," he said in a statement today.
He said, to date, 69 police reports had been filed related to the scam, which had resulted in RM48.5 million in losses.
"Our investigations indicate that the syndicate offered five investment packages with varying returns based on the current gold value. Investors were directed to make their investments through the accounts of Paddy Jewellery and Paddy Legacy, but none received returns," he added.
The police have initiated a fraud investigation under Section 420 of the Penal Code and are urging anyone who invested in the scheme to come forward and file reports to aid in the investigation.
Earlier, it was reported that Siti Hajartul, a 37-year-old woman wanted in connection with the scam, was arrested after returning from Dubai. She was apprehended at the Penang International Airport upon her arrival from the UAE.
Earlier this week, it was reported that over 100 individuals had been defrauded in this scheme, where gold was sold at below-market prices over the past two months, resembling a pyramid scheme.
Many investors were lured by enticing offers, with some even borrowing money from relatives, friends, and loan sharks.