According to the New Straits Times, the syndicate had raked in RM200 million by targeting victims from the United Kingdom and Australia. It had been operating since 2019.

Codenamed Op Tropicana, the graft-busters raided 24 premises simultaneously in the Klang Valley and Penang.

The raid involved 164 officers from the immigration department, the Malaysian Communications and Multimedia Commission, CyberSecurity Malaysia, Telekom Malaysia, the Malaysian Companies Commission, Tenaga Nasional Bhd and the Inland Revenue Board.

MACC chief commissioner Azam Baki said the syndicate was believed to have flourished under the radar of the authorities due to bribes.

“The syndicate found their victims by posting advertisements regarding non-existent investment companies on social media.

“When a victim registers for the investment, the syndicate will give them a call to convince them to invest.”

The syndicate is believed to have raked in approximately RM200 million since 2019.

The syndicate’s members, Azam said, consisted of Australians, Britons, South Africans and Filipinos.

It had set up 24 companies which were used to temporarily park money transferred by victims abroad, before the money was channelled to other bank accounts overseas.

Azam said they had used financial investigations, covert operatives and undercover agents to bust the syndicate. It also involved cooperation from several foreign governments and the MACC’s anti-money laundering division, he said.

A total of 11 people were arrested for suspected involvement in the syndicate while another 70 who worked for the syndicate were arrested by the immigration department.