Scam SIM Card Investment

Malaysia Police have crippled a bogus telecommunications investment scheme syndicate with the arrest of a local man. A 32-year-old suspect was arrested following a raid here on Wednesday (May 17). Two mobile phones, an ATM card and two cheque books believed to be used in the investment scam was sized.

The suspect is the mastermind of the syndicate which has been operating since 2020. The syndicate offered bogus investment schemes for SIM cards and other telecommunications service-based products. The investment packages were claimed to pay out lifetime returns.

Police investigations revealed that investors only received returns for a short time before the company claimed it was suffering losses and could no longer make payments. Three police reports had been lodged over this scheme so far, involving about RM1.42mil in losses.