Thai police have arrested a Malaysian man suspected of leading a major investment scam involving fraudulent mobile applications like 'Nicshare' and 'CommonApps'. The Malaysian man and his Thai wife were arrested after numerous complaints from victims who were deceived into investing through the apps.
The Royal Malaysia Police (PDRM) has received 26 reports related to the Nicshare and CommonApps investment schemes, linked to a fraudulent syndicate led by a Malaysian national who was arrested by Thai authorities on Dec 16. Inspector-General of Police (IGP) Tan Sri Razarudin Husain noted that the Nicshare investment scheme has caused losses of RM8,212,758.29, based on 24 reports, while two reports related to CommonApps account for a total loss of RM340,079.
“Investigations into all these reports are being conducted under Section 420 of the Penal Code and the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001,“ he said in a statement today. Razarudin added that several suspects and entities have been charged so far, and the investigation into the scheme is ongoing, including the connections involving Malaysian citizens detained by Thai authorities. Yesterday, the media reported that Thai police believe they have dismantled a major money laundering fraud syndicate involving more than 5 billion Baht (100 Baht=RM13.02), following the arrest of a Malaysian group leader and his Thai wife. Wanted under an arrest warrant issued by the Criminal Court, the 38-year-old Malaysian man was apprehended at the Sadao Immigration Checkpoint in Songkhla province while entering Thailand on Dec 16. His wife, an accomplice in the scheme and a Thai national, was arrested at a separate location on Dec 18. Numerous complaints from victims deceived into investing through fraudulent mobile apps, including “Nicshare” and “CommonApps,“ falsely promising high returns from stock market investments, led to the arrests
INVESTMENT SCAM FRAUD THAI POLICE MALAYSIA MONEY LAUNDERING
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