Bukit Aman Commercial Crime Investigation Department (JSJK) deputy head A Thaiveegan said the victims were conned by syndicate members, who offered them high returns.

“We have often advised the public to be cautious with any kind of investment, to check with Bank Negara and the Companies Commission of Malaysia (SSM) first before putting in any money,” he told a press conference here today.

Thaiveegan said the arrests last Tuesday were of three people, including two members of a family, believed to be involved in a scam involving foreign exchange totalling RM39.6 million in Pahang and Kelantan.

He said police received 114 reports about the scam and opened 20 investigation papers.

In a separate development, Thaiveegan said police busted four money-lending or Ah Long (loan shark) syndicates after arresting 29 individuals, including two women, in four states in operations conducted from July 30 until last Thursday.

He said the arrests were made in Kuala Lumpur, Selangor, Kedah and Johor.

Those detained included the mastermind and runners of the illegal money-lending syndicates.

Thaiveegan said the arrests of members of the syndicates, aged between 18 and 48, were made after police received 30 reports involving loans amounting to RM575,950.

He said the four syndicates were believed to be active in several states, including Johor, Melaka and Negeri Sembilan.

They used force to collect their dues, including throwing paint and threatening the victims, who were late in making payments.

Among the items seized in the raids were 68 handphones of various makes, 51 ATM cards, laptops, bank books, 153 cheques and 13 cars, he added.

Thaiveegan said from last year until July this year, 2,273 cases involving Ah Longs were reported throughout the country, with total loans amounting to RM68.8 million.