KUALA LUMPUR, April 7 — The police said today that their Commercial Crime Investigation Department (CCID) has received a total of 92 police reports since 2021 relating to a non-existent investment fraud syndicate calling itself Planetrade.

Bukit Aman police secretary Datuk Noorsiah Mohd Saaduddin said three men and six women involved were successfully detained in the scheme that has cost a total loss of more than RM17 million.

"As a result of the arrest, the main suspect who was the mastermind of the investment fraud scheme was charged under Section 420 of the Penal Code and Section 137(1) of the Financial Services Act 2013.

"Another suspect who is a director of the company that operates the scheme has been charged under Section 109 of the Penal Code read together with Section 420 of the Penal Code. While seven more suspects were acquitted and made as prosecution witnesses,” she said.

Section 420 handles "cheating and dishonestly inducing delivery of property”, while Section 109 deals with abetment.

From the investigation under Section 4(1) of the Anti-Money Laundering and Anti-Terrorism Act 2001, the police have successfully frozen assets including 27 bank accounts valued at RM700,533.47, six vehicles estimated to be worth nearly RM1.2 million and 11 million units of shares in four related companies.

"All of the detained suspects were involved in managing, operating, and promoting this fraudulent scheme. Among the three suspects detained were also investors or victims that served as an 'authorised introducer' who received a commission for each investor brought into the scheme,” said Noorsiah.

The police also urged any victims to come forward immediately to file a police report, and reminded the public to be vigilant and carry out detailed research before participating in any investment scheme that promises lucrative profits.