KUALA LUMPUR (June 21): Nine individuals aged between 23 and 62 were arrested on Saturday (June 19) on suspicion of being involved in investment scam schemes involving losses amounting to nearly RM1.9 million around Kedah, Kuala Lumpur and Johor. Bukit Aman Commercial Crime Investigation Department director Datuk Mohd Kamarudin Md Din said all the local suspects were detained under Ops Nuri on suspicion of being involved in bogus investment schemes – the Banker Capital Investment Scheme (BKC) and Wow Exchange OU Investment Scheme. Mohd Kamarudin said the Wow Exchance OU scheme was a cryptocurrency-based investment scheme, whereby the syndicate promoted a cryptocurrency platform and e-wallet called WOWX token. He said the bogus investment schemes, which are advertised via social media such as on Facebook, YouTube, WeChat, WhatsApp, proved attractive as they promised high profits, as well as affordable investment packages, more so when many affected economically due to the Covid-19 pandemic. Mohd Kamarudin advised the public to check with relevant government agencies regarding the status of investment schemes and companies offering these investments by verifying the account and telephone numbers on http://ccid.rmp.gov.my/semakmule/.

Source: The Edge Markets June 21, 2021 15:22 UTC