By Hanniz Lam
An online investment scheme syndicate known as Zuttelo or Solaris has caused over 10,000 victims to lose at least RM3bil with most of the victims being Chinese.
Such investment scam syndicates can even be more damaging to society than even drug syndicates.
The promise of high returns attracted most of the victims especially when faced with difficult times during the pandemic.
Checks showed that victims invested between RM50,000 and RM4mil per person.
Investors were given an account in order to carry out investment transactions on the Zuttelo platform and given capital in the form of cryptocurrency according to the investment amount.
All investment transactions were carried out using the cryptocurrency.
Despite the syndicate case being investigated by the police, this did not discourage people into taking part in the “investment package”.
“Many of the victims were older Chinese folk. Some withdrew their savings from the Employees Provident Fund (EPF), while some also borrowed money from loan sharks to participate in this fake investment scheme known as Zuttelo.
If you know of victims of the Zuttelo scam or other scam syndicates, do contact the Malaysia International Humanitarian Organisation (MHO) hotline at 014-994 6697.
Before signing up for investment schemes, potential investors should conduct checks with the police and Bank Negara Malaysia first.