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JOHOR BARU: The police have shut down a major Macau scam syndicate that used its ill-gotten gains to buy property and invest in cryptocurrencies totaling more than RM336k.
At least 12 suspects, nine men and three women, were arrested in a series of raids in Penang and Kuala Lumpur last month.
Among the suspects were company directors.
Johor Police Chief Comm Datuk Ayob Khan Mydin Pitchay (Photo) said in Ops Pelican 2.0, the police uncovered an intricate web of how the union operated, including the brain’s identity, numerous mule accounts, bogus companies, and investments.
Victims who have been deceived by the union would first be told to transfer money to a mule account.
“The money is then funneled to another mule account that belongs to another company,” he said, adding that all the mule accounts belonged to union members and were designed not to leave money traces.
Comm Ayob said that the funds were transferred to a property developer in Penang to buy properties and invest in Bitcoins.
“This modus operandi was aimed at avoiding detection by the authorities and was their form of money laundering,” he said yesterday during a press conference at the Johor police headquarters.
To date, the police have found 91 mule accounts comprising 73 business bank accounts and 18 personal accounts.
“Since June last year, about RM25,000 has been used to make down payments for 100 condo and commercial units in George Town,” he said.
Based on the Purchase Agreements, two companies are involved in the acquisition of properties in 2015 for a total of RM336 thousand.
Comm Ayob said the two companies belonged to the 55-year-old mastermind who has a criminal record. He is believed to have fled the country and is currently hiding in Thailand.
The two sons of the man are directors of the companies.
“Our investigations showed that some of the agents and directors of the bogus companies receive a monthly payment of RM16,000,” he said.
The 12 suspects, aged between 29 and 68, have been released on police bail.
Police are investigating the case under Section 420 of the Penal Code for cheating.
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