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TOPIC: Chic youths in flashy cars: Cops smash investment scam
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Chic youths in flashy cars: Cops smash investment scam 1 Year, 6 Months ago
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Chic youths in flashy cars: Cops smash investment scam
Wed, 28 Jul 2010 14:22
By S Rutra
PETALING JAYA: Droves of sharply dressed young men and women pulled up in their luxury cars outside a restaurant, their usual meeting point, in Bandar Sunway here last night.
Around 10pm, BMWs and Nissan Skylines began appearing with flashy number plates. Most of the cars belonged to the ring leaders and downliners.
The meeting was with potential investors in the pyramid scheme.
However, the youths failed to notice the presence of some 100 plainclothes policemen at the scene, who were keeping a close eye on their movements.
The police team comprised officers and personnel from Bukit Aman and the Selangor police's commercial crimes department.
The police cordoned off the area and rounded up some 90 youths before they were about to kick off their business dealings at a hall located in the restaurant.
An officer from the Domestic Trade and Consumer Affairs Ministry, who was also present, informed the group that they had been investing in an illegal scheme.
Minimal documents
Meanwhile, a 26-year-old clerk, who was among those rounded up, said a friend told her that he could help get her a loan worth RM41,000 with minimal documents.
She said within days the loan was approved and even the proposer showed an approval letter from her head of department.
However, the woman said the total amount was then invested in the scheme, and she was asked to secure three downliners.
Another young couple, who own a BMW, told officers that they had invested a total of RM82,000 in the scheme.
"Even though I was not convinced, I could not resist the returns promised by my proposer," said one of them.
A senior police officer told FMT that they had been monitoring the ring leaders and their downliners for several weeks.
"We decided to move in before more young people fall prey to this scam. Within months, this syndicate had secured several millions of ringgit,” he said.
During the raid, police also seized documents and are checking the luxury vehicles owned by these youths.
"If our investigations reveal that the cars were bought using illegal means, then we will impound the vehicles," said the senior officer.
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