Bukit Aman commercial crime investigation department director Ramli Yoosuf said the suspects, aged between 21 and 45, were nabbed under Ops Nuri 7/24 in Selangor, Johor, Negeri Sembilan, Sarawak, Perak, Kedah and Penang.

“The suspects acted as company directors and owners of businesses used as mule accounts in the investment fraud activities.

“Our investigation revealed that this syndicate had been operating online since February, using the name of the world-renowned investment firm Goldman Sachs to deceive victims,” he told a special media briefing at the KPJ Tower here today.

He said the group’s modus operandi involved the use of social media platforms such as Facebook and WhatsApp as mediums for marketing and communicating with the victims.

“This investment scheme offered high returns ranging from 15% to 200% per month. Profits were guaranteed through guidance and assistance from market analysis experts or ‘Cikgu Trader’,” he said.

According to Ramli, victims were asked to download the “Bam Pro” and “Baly Pro” applications from the App Store and Google Store before being instructed to transfer funds to the mule accounts set up by the syndicate.

“Victims only realised they had been deceived when they failed to withdraw the profits they had earned,” he said.

Ramli said police also seized eight mobile phones, one pouch bag, two copies of Companies Commission of Malaysia certificates, a copy of a business registration form, and five copies of Form A for the registration of businesses.

He said 29 investigation papers had been opened, with 19 bank accounts involving three companies and 16 businesses identified as mule accounts.

“All suspects were remanded for three days until yesterday and the case is being investigated under Section 420 of the Penal Code,” he said.