Bukit Aman commercial crime investigation department (CCID) director Ramli Yoosuf said eight men and three women, aged between 38 and 56, were detained in Perak, Selangor, Kuala Lumpur, Melaka, Terengganu and Labuan on June 26.

They had acted as founders, directors, secretaries, clerks, agents, and volunteers for a charity foundation in Perak.

“The syndicate, operating since early 2023, required a minimum investment of RM250, promising a return of RM13 a month or the equivalent of one free-range chicken.

“The investments were deposited into the organisation’s bank account, but since September 2023, investors have not received the promised returns,” he told a press conference at Menara KPJ here today.

He said police also seized 13 vehicles of various types, worth RM2.9 million, 2,143 goats of the Shami breed, 13 gold chains, two gold rings, 20 mobile phones, four tablets, 17 laptops, and 37 bank cards.

Police also froze 34 bank and unit trust accounts containing RM6.5 million, he said.

“To date, 85 police reports have been received nationwide on this investment scheme, with losses amounting to RM3.3 million,” he said, adding that the investigation is being conducted under Section 420 of the Penal Code for cheating.

Section 420 carries a punishment of imprisonment for not less than one year but not more than 10 years, whipping, and a fine, upon conviction.