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Malaysia exposes the Planetrade investment fraud

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Kuala Lumpur (VNA) – Police in Malaysia have arrested three men and six women in connection with the Planetrade investment fraud operation, including the company’s director.

Local media quoted Royal Malaysia Police secretary Datuk Noorsiah Mohd Saaduddin as saying that the scheme’s mastermind was charged under Section 420 of the Penal Code and Section 137(1) of the Financial Services Act 2013, while the company’s director was charged under Section 109, read in conjunction with Section 420 of the Penal Code.

She stated that some of the suspects, who were investors, were victims of the scheme and had acted as authorised introducers, receiving a commission for bringing in an investor.

She stated that as of January 2021, the Commercial Crime Investigation Department of Malaysia had received 92 police reports relating to the investment fraud scheme resulting in 17.5 million RM in losses. (nearly 4 million USD).

Noorsiah stated that the police had also frozen 27 bank accounts with a total value of 700 million RM (more than 159 million USD), confiscated six vehicles valued at over 1.1 million RM, and seized 11 million shares in four related companies.

Info Source- VNA, The Vibes, MalayMail

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