More Than 100 Victims Scammed over Fake ‘Musang King’ Investment Plan

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A ‘Musang King’ investment plan that promises attractive returns with low deposits has resulted in over 155 people being cheated and more than RM3.1 million losses incurred over the past four months.

Sabah police commissioner Datuk Omar Mammah said in the purported investment, a person can choose to invest between RM350 and RM6,000, and get more than double the amount in returns over 66 days.

Bernama

“This is promoted widely in social media, including Facebook and WhatsApp, since August and went active in September,” he said during a press conference in Kota Kinabalu on Friday.

He said the matter came to light when on Nov 28, a victim lodged a report saying he believes that he has been scammed in the investment from a suspect in Malacca.

The second one is to pay RM1,250 and get an RM50 daily return over 66 days, followed by a third package of RM3,000 investment for an RM135 daily return for 66 days.

The fourth is an RM6,000 investment which promises the client an RM300 return for 66 days.

Following the Nov 28 report, investigations were done to track down the suspects.

Five local men aged between 25 and 36 were nabbed between Nov 30 and Dec 6, four of whom were arrested in Kota Kinabalu and one in Selangor.

“Among the four, one has a previous drug-related criminal record and is a wanted man in peninsula Malaysia,” Comm Omar said.

He said police believe more victims will come forward to lodge reports on the case soon.

He said some of the “investors” got their returns but most never got anything. They too claim that they have never met with their payees.

Meanwhile, two women were nabbed for allegedly duping people to buy flight tickets from them, claiming they were able to get a cheaper price compared with the market price.

“The two suspects, aged 33 and 37, were arrested around the city on Nov 25 and 26,” Omar said.

The losses incurred from this scam so far are RM162,285 and were believed to have started being actively promoted on social media since August this year.

Comm Omar said a total of 71 police reports have been received so far, with the latest from a victim on Nov 23, who claimed that she had paid RM6,000 for return tickets to a foreign country.

“Of course there was no ticket,” he said.

Comm Omar said the syndicate involved would hire freelancers or agents to get customers for them.

In return, these freelancers or agents would be paid between RM50 and RM150 for each customer introduced.

All suspects in both cases are being investigated for cheating and could face a jail term of between one and 10 years, caning and a fine. – The Star