Fund investment fraud syndicate cheats 7,000

KUALA LUMPUR: A total of 7,600 individuals have become victims of the fund investment fraud syndicate operating under the name of Federal Reserve Chicago Bond, involving losses of over RM90 million in the country.

Bukit Aman Commercial Crime Investigation Department (Investigation) deputy director Tajudin Md Isa said initial investigations revealed that suspects deceived the victims who were mostly locals.

“The victims were promised high returns for every investment done, unfortunately the victims never receive any profit promised after they made an investment,” he said in a statement here yesterday.

Tajudin said the police was in the process of tracing other individuals after the existence of the syndicate was detected.

He also urged members of the public with any information on these activities to come forward to assist in investigations or contact directly investigating officer DSP Nooranita Ismail at 019-4814459 or 03-26101222.

He said the case was being investigated under Section 420 of the Penal Code for cheating.

– BERNAMA

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