'Bookcoin' scam busted

SHAH ALAM: Another get-rich-quick scheme syndicate has been crippled with the arrest of its alleged masterminds, a Datuk Seri and a Datuk.
Selangor police chief Commissioner Datuk Mazlan Mansor said today the duo, aged 40 and 45, were arrested on Aug 3 at their luxury homes at Desa Park City in Kuala Lumpur.
In the raid on the homes, police seized cash amounting to RM1 million in different currencies, two luxury cars, 17 luxury watches, 16 silver bars, 35 branded handbags, cellphones, a laptop, cheque books and a machine that allowed investors to check their balance.
"The silver bars were apparently tokens of appreciation for those who invested in the scheme to gain their trust," Mazlan said.
Police had acted swiftly against the "Bookcoin" syndicate after receiving reports from four victims earlier this month.
The four victims alone claimed to have lost RM2.1 million to the syndicate, leading police to believe that some 200 investors in the scheme, who have yet to lodge reports, would have lost tens of millions in total.
"The investment scam had promised investors over 30% profits per month or 1% per day for every share.
"In the beginning, when they started the scheme in the middle of 2016, the syndicate declared profits to their investors on their website.
"But the investors got nothing at all. We believe it was to lure and win their trust," Mazlan told a press conference today.
"Such cases keep occurring as investors are drawn to the returns which are way much higher than the sum invested."
Mazlan advised the public to be wary of such get-rich-quick schemes.
"When offered investment opportunities that pay out high returns over a short period of time, always check with the relevant government agencies to verify if the company is legitimate," he added.