Bukit Aman Commercial Crime Investigation Department 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.
The syndicate would dupe victims by convincing them that their money would be invested in the domestic and foreign investment sectors and promising them high returns with a profit rate of between 100 per cent and 400 per cent. Several packages are offered, ranging from ‘trainee’ packages worth as low as US$100 to ‘Capitalist’ packages worth US$10,000.
The Wow Exchance OU scheme was a cryptocurrency-based investment scheme whereby the syndicate promoted a cryptocurrency platform and e-wallet called WOWX token. The WOWX token is said to be registered and based in Singapore through Wow Global Pte Ltd and is in the process of obtaining a license from the Singapore government.
Investors are instructed to make investment capital payments to several bank accounts directed by the syndicate, but the victims never got any returns from the capital issued for the investments. Police had, so far, opened nine investigation papers on the syndicate, which targeted Malaysians, adding that they have also seized 13 mobile phones, 11 ATM cards, three laptops and five cars as well as RM9,000 cash, 208,000 Korean won, US$26 and S$644.
The case is being investigated under Section 420 of the Penal Code for fraud and Section 4(1) of the Anti-Money Laundering, Anti-Terrorism and Proceeds of Unlawful Activities Act and under the Prevention of Crime Act (POCA) 1959. 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.
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