KUALA LUMPUR, Aug 13 — Bukit Aman Commercial Crimes Investigation Department (CCID) director Datuk Seri Ramli Mohamed Yoosuf today said a scam posing as a Warburg Pincus investment has resulted in RM21.9 million in losses, with 44 investigations opened by the Royal Malaysian Police (PDRM) so far.
He said that 10 locals, including five women, aged between 21 and 52 were arrested following raids in Selangor, Kuala Lumpur, Johor, Perak, Kedah, Sabah, and Sarawak on July 30 and 31.
“Acting on intelligence related to investment scam syndicates, several raids were conducted on July 30 and 31, 2024, in Selangor, Kuala Lumpur, Johor, Perak, Kedah, Sabah, and Sarawak.
“As a result, 10 local individuals, including five men and five women aged between 21 and 52, were arrested. Those detained are believed to have acted as company and business owners and directors involved in facilitating the scam,” he told reporters during the department’s weekly press conference here today.
He said the group is believed to have started operating this year, and claimed to represent “Warburg Pincus” on social media platforms such as Facebook and WhatsApp to trick potential victims.
Warburg Pincus is a legitimate private equity firm based in the US, with over US$90 billion in assets under management.
“Investment promotions were advertised using Facebook’s algorithm system to ensure optimal results.
“They promised returns of 11 per cent to 15 per cent per month to attract investors. The syndicate also offered ‘trading coach’ services to guide investors in maximising their earnings,” he added.
Victims would be made to create accounts that turned out to be fake, from which they could not withdraw any money previously deposited.
He said the investigation was opened under Section 420 of the Penal Code for cheating, with a total of RM162,598.53 held in 35 bank accounts seized as part of the probe.
Ramli then advised the public to consider all investment schemes found on social media platforms as likely to be scams.
