RM4.7 million lost in AliCoin scam

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Director of Commercial Crime Investigation Department (CCID) Datuk Zainuddin Yaacob at a news conference on the Aliexchange and Goldmine International investment scam busts. PIX: MOHD ADZLAN / MalaysiaGazette / 18 DECEMBER 2020
Director of Commercial Crime Investigation Department (CCID) Datuk Zainuddin Yaacob at a news conference on the Aliexchange and Goldmine International investment scam busts. PIX: MOHD ADZLAN / MalaysiaGazette / 18 DECEMBER 2020

By Nizam Zain

KUALA LUMPUR – Too good to be true. Between 5 to 15 percent of profit rate pay-out promised, 27 local investors became the investment scam victims and lost RM4.7 million since the AliCoin syndicate began its operation from March until October last year.

According to the Director of Commercial Crime Investigation Department (CCID), Datuk Zainuddin Yaacob, to convince its victim, the syndicate hired European speakers to talk in their seminars held at hotels around the country.

To further persuade its victims, the syndicate used cryptocurrency trading platform known as AliCoin, where the investors were given access through the AliExchange mobile application which could be downloaded from the Google Play Store.

“They promised a monthly profit between 5 to 15 percent based on the amount of investment.

“The victims were required to purchase AliCoin (cryptocurrency) at RM4.70 for each unit of AliCoin.

“They offered a minimum of 10,000 AliCoin or RM47,000,” he said in a news conference at Menara KPJ today.

Following that, the police arrested nine Singaporean suspects aged between 32 and 59 years-old at Johor, Melaka, Negeri Sembilan, Selangor and Kuala Lumpur on 14 December.

“In a raid which started at around 8.50 am until 12.50pm, the police also arrested a man suspected to be the mastermind of the syndicate.

“The police also seized five luxury cars, 11 handphones, 20 ATM cards from various banks, four tablets, five laptops, one hard disk, a luxury watch, various AliExchange investment documents and cash with an estimation value of seize amounting to RM2 million,” he said.

He also said that all suspects were remanded under Section 117 of the Criminal Procedures Code and the investigation is held under Section 420 of the Penal Code which provides an imprisonment of up to 10 years with whipping and could also be liable to a fine.

“The police will also take actions under Anti–Money Laundering, Anti–Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA),” he said.

Meanwhile, the police also advised the public not to easily fall into testimonies on huge profits within a short span of time.

“On the contrary, only three Bitcoin investments are granted the license by the Securities Commission Malaysia (SC) and can be trusted.

“They are LUNO (M) Sdn Bhd, Tokenize Technology (M) Sdn Bhd and Sinergy Technologies (M) Sdn Bhd,” he said. – MalaysiaGazette

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