Selangor police chief Hussein Omar Khan said 101 reports had been lodged over the scheme from January to April, with complainants saying they lost a total of RM6.7 million.

He said the victims were given detailed explanations and representations about the investment scheme, with the promise of high returns, Bernama reported.

They then joined the scheme and made payments to the bank accounts with which they were provided.

“The victims were unsure whether the investment was legitimate. Initially, they received some returns, but over time, the payments stopped,” said Hussein.

While the cases were probed for cheating under Section 420 of the Penal Code, the deputy public prosecutor’s office eventually decided that no charges for fraud-related offences would be filed.

Hussein advised the complainants to pursue civil action, particularly to contest any breach of the agreement they had signed and to recover their investments.

He urged the public to be wary of investment schemes that promise quick profits.