GEORGE TOWN,. Police have arrested three men, including a father and son, to facilitate investigations into a criminal breach of trust case involving over RM300 million related to an investment company following a series of raids here yesterday.
Penang Commercial CID chief ACP Mohd Rosni Mohd Lazim said the father, 52, and his son, 26, along with a 29-year-old man were arrested separately around George Town beginning 4.40 pm yesterday after a police report was lodged by a company director.
“The 52-year-old is the chief marketing officer at the investment company and the other man is an employee in the same company, while the son does not work there (the investment company) but he is believed to be involved in the criminal breach of trust.
“According to initial investigations, the company claimed they failed to distribute the dividends to a number of investors of the company involving a sum of over RM300 million, which was believed to occur from 2017 till last year,” he said when contacted by Bernama today.
He said the police were still investigating further into the incident and did not deny the possibility that the suspects used the money that was supposed to be distributed for themselves.
Mohd Rosni said investigations also showed the company offered returns of up to 10 per cent to investors who bought shares in their forex investment, hotel and cafe business.
He added that those who invested in the company were aged between 20 to 70 with a minimum investment of RM10,000 each time.
“The 56-year-old does not have a Datuk Seri title as previously reported and all of them have been remanded for four days to assist investigations. The case is being investigated under Section 409 of the Penal Code for criminal breach of trust,” he said.