Home / English / CPO investment scam police seize luxury vehicles RM850000 cash from main suspect

CPO investment scam police seize luxury vehicles RM850000 cash from main suspect

KUALA LUMPUR: Police seized two luxury vehicles, namely a Bentley Continental and a Toyota Land Cruiser, as well as RM850,000 cash in a follow-up investigation on the main suspect behind the Crude Palm Oil (CPO) investment scam.

Bukit Aman Commercial Crimes Investigation Department director Datuk 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,” 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 report were lodged over the investment scam involving a company, which has been operating since early last year, claiming to have been managing investment portfolio based on the trading of crude palm oil by offering four packages and promising returns up to 30 per cent. —Bernama


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