KUALA LUMPUR: Call it Zuttelo or Solaris – it’s still an online investment scam, one that has become a bane to society and must be wiped out.

So says Malaysia International Humanitarian Organisation chairman Datuk Hishamuddin Hashim.

“We estimate that this latest online investment scheme syndicate known as Zuttelo has caused over 10,000 victims to lose at least RM3bil,” he said, adding that most of the victims were Chinese.

“We believe the syndicate now goes by the name Solaris and is targeting Malays and Indians,” he said.

“The victims are losing their life savings to these unscrupulous groups that prey on the elderly and those who are not technologically savvy,” he told reporters at the Sentul police headquarters.

He was representing over 180 victims in lodging police reports over the scam syndicate.

“We urge the police to take stern and swift action against this online scam syndicate,” he said, adding that the syndicate has since shut down activities under the Zuttelo name and switched its name to Solaris.

“We urge the government to take stern action and use the Security Offences (Special Measures) Act as well as the Prevention of Crime Act on syndicate members,” he said.

Hishamuddin said such investment scam syndicates were more damaging to society than even drug syndicates.

“Most of the victims were attracted by the offer of high returns, and most were in difficulties during the MCO.

“Our checks show that victims invested between RM50,000 and RM4mil per person.

“The investors were given an account in order to carry out investment transactions on the platform, and they were given capital in the form of cryptocurrency according to the investment amount.

“All investment transactions were carried out using the cryptocurrency,” he said.

He said the syndicate case had been investigated by the police, but that did not stop them from continuing to cheat people into taking part in the “investment package”.

“Today, 180 victims have come forward to make reports. We estimate that there are thousands of victims.

“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.

Hishamuddin urged others who had been duped by Zuttelo or other scam syndicates to contact the MHO hotline at 014-994 6697.

Malaysia Community Crime Care (MCCC) president Tan Sri Musa Hassan said the police must take action against the syndicate itself as well as prevent victims from being duped.

“Those interested in taking part in investment schemes should conduct checks with the police and Bank Negara Malaysia first,” he said.

https://www.thestar.com.my/news/nation/2022/12/06/rm3bil-lost-but-scam-is-still-on