KUALA LUMPUR: Police have busted an investment fraud syndicate operating on TikTok and arrested eight people, including two women, during separate raids in Petaling Jaya on April 25.
Bukit Aman commercial crime investigation department director Ramli Yoosuf said those arrested were aged between 21 and 43.
He said seven laptops, 11 mobile phones, a sum of counterfeit US dollars and 10 gold bar replicas were seized.
“The syndicate is suspected of targeting Malaysians for its online fraudulent investment activities.
“The premises were used as a customer service centre, and an advertising and investment promotion centre,” he said during a special media conference at Menara KPJ here today.
Ramli said the syndicate promoted stock market transactions allegedly based in Hong Kong, and interested investors were added to a Telegram group.
“We believe they have been active since August last year,” he said, adding that the case is being investigated under Section 420 of the Penal Code. - FMT
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