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Investment scam: Luxury vehicles, RM850,000 seized

 | April 22, 2017

Police have also impounded a 101ha date farm in Batu Kurau, Perak, belonging to the main suspect in the multi-million ringgit case.

acrylsani-palm-oilKUALA LUMPUR: Police seized two luxury vehicles as well as RM850,000 cash in a follow-up investigation on the main suspect believed to be behind a crude palm oil (CPO) investment scam.

The cars were a Bentley Continental and a Toyota Land Cruiser.

Bukit Aman Commercial Crime Investigation Department director Acryl Sani Abdullah Sani said police had also impounded a 101.1-hectare date farm in Batu Kurau, Perak, belonging to the suspect.

“All the seized items are believed to have been obtained by the suspect using the money collected from the CPO investment scheme,” he said in a statement here today.

Acryl Sani said police would take action on the seized and impounded items, worth a total of RM4.3 million, under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.

Police arrested the suspect at a restaurant in Kepala Batas, Penang, and seized his luxury boat and cash of RM100,000 last Wednesday.

The 57-year-old suspect had also been remanded for three days from yesterday to facilitate further investigations into the case under Section 420 of the Penal Code.

It was reported 248 police reports were lodged over the investment scam involving the company, which has been operating since early last year.

It claimed to have been managing an investment portfolio, based on the trading of crude palm oil, offering four packages and promising returns up to 30%.


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