Police in Malaysia are on the hunt for seven individuals linked to the Gigamax investment scam, which has reportedly caused losses exceeding RM7 million. Among those wanted are six Malaysian crypto influencers and an Indonesian national believed to be the mastermind behind the scheme.
Key Takeaways
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Seven individuals are wanted in connection with the Gigamax investment scam.
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The scam has resulted in losses of RM7.25 million from 101 reports.
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The six Malaysian suspects are aged between 38 and 48, with two holding senior positions in an NGO.
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The police have previously arrested 11 individuals during a crackdown on the scam.
Background Of The Gigamax Scam
The Gigamax platform, which operates as a cryptocurrency broker, was introduced in July 2022. It was promoted by an NGO that offered educational resources related to blockchain and decentralized finance. However, it has since been linked to fraudulent activities, leading to significant financial losses for investors.
The Individuals Involved
The police have identified the following individuals as key figures in the scam:
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Awaludin (Indonesian national, believed to be the mastermind)
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Benjamin al Sharif (NGO senior member)
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Mohd Norizwan Ali (NGO senior member)
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Mohamad Sufi Abd Razak
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Muhd Firdaus Khadri
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Risman Muhd Yatim
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Muhamad Nizam Sahar (believed to have fled to Dubai)
Police Investigation
Datuk Seri Ramli Mohamed Yoosuf, the director of the Bukit Aman Commercial Crime Investigation Department (CCID), stated that the investigation is ongoing under Section 420 of the Penal Code. He urged the public to come forward with any information regarding the suspects.
Earlier, during a police operation dubbed “Ops Nuri-Gigamax,” authorities arrested 11 individuals, including two women, across several states including Kuala Lumpur, Selangor, Pahang, Kelantan, Terengganu, and Melaka.