KUALA LUMPUR: An investment and cryptocurrency scam syndicate was smashed following a raid by graft-busters at its hub of operations in an office building along Jalan Raja Chulan here.
The Malaysian Anti-Corruption Commission (MACC) Anti-Money Laundering (AML) task force conducted the raid at about 12.15pm Tuesday (Feb 28) following the success of Ops Tropicana last week, which was led by MACC deputy commissioner Datuk Mohamad Zamri Zainul Abidin.
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Various items were seized including cash in various denominations, computers and office equipment believed to have been used to scout for victims.
A source said the syndicate is believed to have transferred money obtained from victims to moneychangers in the city as a means of taking it out of the country.
"The MACC is not ruling out the possibility that the syndicate used moneychangers to bring in money as well," the source said.
It is learnt the syndicate targeted victims overseas through investment advertisements on social media.
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"There is a possibility that the syndicate would have targeted local victims as well," the source said.
A check by The Star showed that the office was equipped with a CCTV system while all of its windows were tinted.
It is learnt that renovations for the syndicate's hub were 90% complete and cost almost RM500,000.
There were multiple rooms at the office including a meeting room, training room, a pantry and even a reception area.
It is believed that the office would have been operational in two to three months and was slated to be a hub for other scam call centres in the country.
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The AML task force also raided two moneychangers in Kuala Lumpur.
Last Tuesday (Feb 21), the MACC busted an investment syndicate masterminded by British citizens, following 24 raids and the arrest of 81 suspects.
Codenamed Ops Tropicana, the raids were conducted simultaneously at call centres, companies and houses in the Klang Valley and Penang.
The syndicate had been in business since 2019 and amassed almost RM200mil after duping victims in Australia and the United Kingdom.
MACC chief commissioner Tan Sri Azam Baki said the operation was conducted with the Immigration department, Malaysian Communications and Multimedia Commission (MCMC), Companies Commission of Malaysia, Tenaga Nasional Berhad and Inland Revenue Board.
The modus operandi for the syndicate was to offer fake investment portfolios through advertisements on social media.
The syndicate members were from Australia, Britain, South Africa and the Philippines.
It is believed the syndicate was part of an international scam ring that has duped victims across the globe resulting in losses of about RM1bil to date.
