The operation was foiled after Bukit Aman’s commercial crime investigation department (CCID) raided the bungalow in Wangsa Maju on Nov 22, arresting 28 people including 13 locals.

The other detainees comprised seven Chinese nationals, four Bruneians, and four South Koreans, according to federal CCID director Ramli Yoosuf.

Those arrested were between 20 and 62 years old.

“The syndicate operated in a bungalow previously used as an office and residence by a consulate.

“During our intelligence work and the raid, the place was guarded by armed security personnel and appeared like a consulate office,” Ramli said at a press conference.

Police are still investigating whether the security personnel were provided by a security company or if they were part of the syndicate.

Based on preliminary investigations, the syndicate offered lucrative returns to those who invested in the cryptocurrency USDT (Tether). The syndicate is believed to have been operating for less than a year.

Ramli advised the public to invest in cryptocurrency via firms registered with the Securities Commission.

Separately, Ramli said police had received 95 reports of breach of trust involving lawyers from 2021 until October 2023. The accumulated losses from these cases were around RM98.7 million.

“A total of 72 cases are under investigation, five (lawyers) have been charged in court and the remaining were classified as no further action,” he said.

He suggested that the Bar Council make it compulsory for law firms to have two signatories involving lawyers and their clients before moving any funds belonging to clients.

Meanwhile, Ramli also said police received 399 reports from January to Nov 27 this year on umrah scams allegedly committed by Emraz Travel & Tours Sdn Bhd.

Ramli said the investigation into the company was ongoing and that the tourism, arts and culture ministry and Companies Commission of Malaysia had blacklisted the agency and suspended its licence.