Malaysian suspected of running RM7.2mil agarwood scam
KUALA LUMPUR: A Malaysian is suspected of masterminding an agarwood investment scam involving more than HK$14 million (RM7.2 million) that was uncovered by Hong Kong police on Wednesday.
A Malaysian man is suspected of orchestrating a RM7.2 million agarwood investment scam, according to the New Straits Times. The scheme, uncovered by Hong Kong police on Wednesday, involved six individuals, including the Malaysian suspect and five Hong Kong residents, as part of an operation dubbed Shadow Net. The victims, aged between 52 and 82, invested between HK$30,000 and HK$1.9 million in various schemes offered by a Hong Kong-based company, which claimed to have offices in multiple countries and agarwood plantations in Malaysia.
However, many investors began experiencing issues in 2024, unable to withdraw their returns or recover their initial investments. The company subsequently launched new schemes, including an intellectual property licensing scheme and a cryptocurrency called IBBB Coin, both of which have since lost significant value. Hong Kong's Securities and Futures Commission has placed the company on its alert list for suspicious investment products.
Brief written by urgent.news from New Straits Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
