Bukit Aman commercial crime investigation department director Ramli Yoosuf said the 31 men and nine women, aged between 20 and 55, were arrested in a three-day nationwide operation from Oct 29.

He said of the 40 arrested, 38 were business owners, company directors and company secretaries. The rest included bank officers and agents scouting for mule account holders.

“This operation was conducted after police received 76 reports from victims of investment schemes, which involved losses totalling RM50,620,880.

“The victims, aged between 22 and 81, are mostly retirees and businessmen,” he said.

Ramli said the syndicate’s modus operandi was to offer cryptocurrency investments, giving high returns in a short period.

“Investors were given access to monitor the cryptocurrency transaction activities in the accounts that were registered under their names. But they were not allowed to take out the money.”

Ramli said through this operation, police had detected a new trend by such syndicates to use registered companies and businesses as mule accounts.

“So far, we have traced 73 bank accounts used by the syndicate, involving 51 companies.

“We believe these companies and businesses were registered simply for carrying out the scam,” he said.

Ramli said syndicate members would approach those having financial problems or homeless people to use their names for the setting up of companies and then open a company account.

“They would be given a one-off payment or a monthly payment.”