RM110 Mil Gold Investment Scammers Arrested

A woman suspected of orchestrating a major gold investment scam involving more than RM110 million was apprehended after returning to Malaysia from Dubai. Siti Hajartul Haini Abd Hamid, aged 37, was taken into custody at Penang International Airport upon her arrival from the United Arab Emirates. The arrest was made as part of an ongoing investigation into a fraudulent scheme that has affected over 100 individuals, who collectively lost substantial sums of money.

The Federal Commercial Crime Investigation Department director, Datuk Seri Ramli Mohamed Yoosuf, confirmed that Siti Hajartul has been remanded to assist with investigations. Authorities had previously sought her in connection with the scam, which involved the sale of 916 gold at prices below the market value. Over the past two months, investors were drawn to the scheme by the promise of unusually low prices, with some resorting to borrowing money from family members, friends, and even loan sharks in the hopes of securing returns.

The fraudulent operation bears similarities to a pyramid scheme, where participants were enticed by promises of significant financial gains. Victims were convinced that the opportunity was legitimate, but none received any returns on their investments. Following her arrest, police expanded their investigation and made further progress in cracking down on the criminal network behind the scam.

In the days following Siti Hajartuls arrest, four additional suspects were detained in connection with the scheme. The four individuals, aged between 29 and 38, were apprehended during raids conducted in Kedah and Kuala Lumpur. During these operations, authorities seized six mobile phones and a passport. The suspects, along with Siti Hajartul, remain in custody until October 25 as the investigation continues.

According to Datuk Seri Ramli, 69 police reports have been filed related to the scam, with the total reported losses amounting to RM48.5 million. Investigators have found that the syndicate behind the fraud offered five investment packages, each promising varying returns based on the current value of gold. Investors were instructed to make payments through the accounts of Paddy Jewellery and Paddy Legacy, but none of the promised returns were ever realized.

The case is being investigated under Section 420 of the Penal Code for fraud, and the police are urging other victims to come forward and file reports to aid in the ongoing investigation. Authorities remain committed to tracking down all individuals involved in this elaborate scam and ensuring that justice is served.