Over 40 investigation papers still open on three investment firms, says Bukit Aman

KUALA LUMPUR: A total of 42 investigation papers are still open on three investment firms that allegedly cheated over 500 victims, says Bukit Aman.

Federal Commercial Crime Investigation Department (CCID) director Comm Datuk Seri Ramli Mohamed Yoosuf (pic) said this in response to the Malaysian International Humanitarian Organisation (MHO) that forwarded the complaints of around 500 victims to the National Anti-Financial Crime Centre (NFCC) on Dec 19.

He said that the three companies are Radiance Asset Berhad, Planetrade Holdings Sdn Bhd and The Rain Maker MGMT Sdn Bhd.

“All police reports on cheating or criminal breach of trust will lead to an investigation under the appropriate sections of cheating and criminal breach of trust under the Penal Code,” he said on Wednesday (Dec 20).

However, cases of investment fraud will generally involve other laws such as the Capital Markets and Services Act 2007, Financial Services Act 2013 and Companies Act 2016, which Comm Ramli said would be investigated by the relevant agency.

“When a police report is lodged, the CCID will advise complainants to refer their reports to the relevant agency if needed.

“On the three companies named by the MHO, the CCID would like to state that 547 police reports have been received over the stated companies and 62 investigation papers were opened and investigated under Section 420 of the Penal Code (for cheating),” he said.

Of that 42 active investigation papers, he said 14 cases have already been brought to court and four have been deemed as “no further action” (NFA) after the complainant retracted their report.