Police secretary Noorsiah Mohd Saaduddin said as of yesterday, some 22 investigation papers on BTC Financial Trading/Finance Trader investment scheme and 48 investigation papers on Smart Trader Best Exchange investment scheme had been opened.

“Losses as of yesterday amounted to RM708,400 for the BTC Financial Trading/Finance Trader scam while for the Smart Trader Best Exchange scam, losses are at RM661,672.16,” she said in a statement today.

She said based on investigations, scammers used Telegram and Whatsapp to look for victims and promised returns of between 50% and 100% in just three to six hours after making the investment.

“Victims who expressed interest would be asked to register through a link provided and make a money transfer into the account provided by the syndicate.

“The victims would then be informed of their profits but would have various additional conditions imposed if they wanted to make a withdrawal,” she said.

Noorsiah advised the public to remain vigilant and to conduct detailed checks before signing up for investment schemes that promised lucrative returns.