Inspector-General of Police Razarudin Husain said 24 police reports related to “Nicshare” have been lodged, with reported financial losses amounting to RM8,212,758, while “ComonApps” has seen two reports filed, involving losses totalling RM340,079.

“The investigation is being conducted under Section 420 of the Penal Code (for cheating),” he said in a statement today.

“Both investment schemes are also being probed under the Anti-Money Laundering, Anti-Terrorism Financing, and Proceeds of Unlawful Activities Act 2001.”

Razarudin said several suspects and organisations linked to the syndicate have been charged.

“Police advise the public to remain cautious of investment offers promising high returns in a short period and to avoid involvement in any investment fraud syndicate,” he said.

Yesterday, it was reported that Thai police believe they have dismantled a major scam syndicate responsible for laundering more than five billion baht (RM650.5 million) through fraudulent transactions after arresting a Malaysian ringleader and his Thai wife.

The arrests followed complaints from victims duped into investing in fake mobile applications like “Nicshare” and “ComonApps”, with the apps promising high returns from stock market investments.