KUALA LUMPUR: Two fraudulent investment schemes offering high returns have caused losses of over RM1.36 million to unsuspecting victims.
Royal Malaysia Police secretary DCP Datuk Noorsiah Mohd Saaduddin said the operators of the schemes which were identified as BTC Financial Trading and Smart Trader Best Exchange were actively luring their victims nationwide.
She said the scammers offered between 50% and 100% returns within six hours after victims placed their investments.
However, Noorsiah said victims were unable to withdraw the profits as the scam syndicates would impose certain conditions.
She said the syndicates had used the Telegram and WhatsApp applications to promote the schemes and seek victims.
She said victims reported that they had received a link from the syndicates and given instructions to register and transfer funds to accounts given by the scammers.
Noorsiah said until Monday, police have opened 70 investigation papers into both schemes.
She urged the public to be cautious of such scam investment offers and to check their authenticity with the relevant authorities such as Bank Negara and police before parting with their funds.