KUALA LUMPUR: An investment scam using the name and logo of Malaysian Industrial Development Finance Berhad (MIDF) has duped 72 individuals involving more than RM2mil in losses.
Bukit Aman Commercial Crime Investigation Department (CCID) director Comm Datuk Seri Ramli Mohamed Yoosuf said the scam, called "MIDF Investment", offered high returns within three to six hours of investing.
"The investment scam offered several packages from as low as RM300, which offered RM13,999 in profits to as high as RM5,000 (RM99,9999 profits).
"Investment is made to an individual bank account believed to be a mule account.
"The syndicate is actively advertising the so-called investment scheme via Facebook," he said in a statement on Friday (May 24).
The syndicate also used the logo of MIDF, which is owned by Malaysia Building Society Berhad (MBSB), in a bid to confuse people, he said.
"So far, we have received 72 police reports on the investment scam.
"It has led to more than RM2mil in losses for the victims," he said.
Comm Ramli advised people to be careful before joining any investment scheme.
"Always verify the authenticity of a scheme before investing.
"If the returns offered are too good to be true, then it is a scam and if investment payment is made to an individual account, it is an obvious red flag.
"Both the Securities Commission and Bank Negara have listed MIDF Investment in their alert list," he said.
