Believed to be the masterminds behind a scam that promised returns of up to 30 percent, two Datuks, aged 40 and 45, were nabbed when police raided their homes.
Last Thursday, police conducted simultaneous raids on the homes of two Datuks in Desa Park City, Kuala Lumpur, and carted away 17 luxury watches, 35 designer bags, 16 silver bars and two luxury cars estimated to be worth RM1.05mil.
They also seized RM1.06mil in cash, including foreign currencies, 26 cheque books and a Bookcoin ATM machine.
Selangor police chief Comm Datuk Mazlan Mansor said police had received four reports on the scam, involving losses of up to RM2.1mil.
He said investigations found that the victims were duped into joining an investment scheme known as Bookcoins (Bookcoins is a silver bullion trading platform), promising returns of one percent per day and 30 percent per month.
“The investors were offered an option of three investment packages: Gold, Silver and Bronze,” he said at a press conference yesterday.
The Gold Package required an investment of US$10,000 (RM42,855), the Silver was priced at US$1,000 (RM4,285) and the Bronze was US$100 (RM428).
“The victims were given a password to log into their website. The passwords given were for an account made under their name so that they could see the increase in their returns,” Mazlan said.
However, the victims did not get their returns in cash as promised.
Investigations revealed that most of the victims who were swindled had invested between RM100,000 and RM500,000, and some 200 investors around the Klang Valley had been duped into the scheme.
It is learnt that the victims were told that their money would be invested into silver and forex while investors were also given silver bars as tokens for their investment.