RM17.5 Million Investment Scam

A total of 92 police reports have been lodged against the "Planetrade" investment scheme, which incurred about RM17.5mil in losses since two years ago. Three men and six women were detained in connection with the investment scheme last year.

The main suspect, who is the scheme's mastermind, has been charged under Section 420 of the Penal Code and Section 137(1) of the Financial Services Act 2013. Another suspect, the company director, was also charged under Section 109 of the Penal Code while seven others were released and became prosecution witnesses.

Various assets and funds belonging to the company were seized including RM700,533 in 27 bank accounts, six vehicles worth a total RM1.1mil and 11 million stocks. The investigation was conducted thoroughly. Those arrested had roles in managing or promoting the investment scam.

Among those arrested were investors who acted as authorised introducer. They received payments for every investor they brought in.