Bukit Aman commercial crime investigation department director Ramli Yoosuf said those arrested were aged between 21 and 43.

He said seven laptops, 11 mobile phones, a sum of counterfeit US dollars and 10 gold bar replicas were seized.

“The syndicate is suspected of targeting Malaysians for its online fraudulent investment activities.

“The premises were used as a customer service centre, and an advertising and investment promotion centre,” he said during a special media conference at Menara KPJ here today.

Ramli said the syndicate promoted stock market transactions allegedly based in Hong Kong, and interested investors were added to a Telegram group.

“We believe they have been active since August last year,” he said, adding that the case is being investigated under Section 420 of the Penal Code.