Bukit Aman commercial crime investigation department (CCID) director Ramli Yoosuf said 49 people were arrested, comprising 31 men and 18 women, aged between 20 and 41.

He said 47 computers, 49 mobile phones, six laptops and two television sets were confiscated during the raid at Jalan Bukit Bintang.

“We believe this syndicate was involved in forex investment fraud, targeting citizens of France, Ukraine, the UK and Switzerland.”

Ramli said two Malaysian suspects were released on bail after their remand ended on Saturday, while a foreign female suspect was released on bail last Thursday as she was pregnant.

The other suspects are being remanded under the Immigration Act 1959/63 until Feb 23 and Feb 24.

In another case, Ramli said his department, with the cooperation of Taiwanese police, conducted raids in Kuala Lumpur on Jan 30 and arrested eight people on suspicion of attempting to establish a scam call centre.

Among them were four men wanted by Taiwanese authorities for involvement in scams and organised crime.

Separately, Ramli also provided more information on two scam cases recently reported to police by the victims.

He said a 55-year-old man reported on Feb 7 that he was cheated of RM5.04 million after participating in a cryptocurrency investment scheme.

According to Ramli, the man, who is an accountant, carried out online transactions last August to invest in ventures in the US after he was contacted by a scammer. The man was later persuaded to join a cryptocurrency investment scheme.

He said the victim made a total of 143 transfers to several cryptocurrency wallets from August 2023 to January 2024.

In another case, Ramli said a retired 70-year-old female banker was cheated of RM3.83 million last September after receiving a call from a syndicate impersonating insurance officers.

The woman was told that she had made an unauthorised insurance claim in her name. She was told to open a new bank account, transfer funds and disclose her banking details.