Police launch multiple investigations on ‘Datuk’ behind fake investment scheme

KUALA LUMPUR, Feb 23 — Police have opened 15 investigation papers into a fraudulent stock investment scheme, linked to losses amounting to RM638,205, allegedly masterminded by an individual with the title “Datuk”.

Bukit Aman Commercial Crime Investigation Department (CCID) director Datuk Seri Ramli Mohamed Yoosuf said that between Jan 19 and last Thursday, his department received 32 reports related to the scheme, with total losses exceeding RM1.3 million.

Initial investigations found that the company was established on Feb 24, 2022, and has two directors, including the ‘Datuk’ who was appointed as a director on May 10, 2022.

“All investigation papers are being handled under Section 420 of the Penal Code for fraud,” he said when contacted.

Ramli added that a check with Companies Commission of Malaysia (SSM) records showed that the company has a paid-up capital of RM6.9 million, with 179 shareholders, comprising 175 individuals and four companies.

“Of the 15 investigation papers opened, 11 victims were listed as shareholders,” he said.

Yesterday, the media reported that 65 individuals had lodged complaints with the Malaysian International Humanitarian Organisation (MHO), alleging that they were deceived by an individual, with the title ‘Datuk’, in a stock investment scheme, resulting in losses of approximately RM2.5 million.

MHO secretary-general Datuk Hishamuddin Hashim reportedly said that the company, and those involved, were suspected of offering common stock investment programmes to public investors without issuing a proper prospectus.

“The influential individual’s company allegedly offered a pre-IPO standard investment programme, which raised doubts and did not engage in the investment activities, as described to the victims,” he said. — Bernama