adding that the modus operandi of the syndicate was to lure investors who were willing to invest between RM2,000 and RM40,000 in the scheme.
Investors were promised that they would receive their profit daily.
Acryl said at least 23,259 investors were believed to have fallen victim to the scam, with total losses amounting to RM80 million.
The victims only realised that something was amiss when they did not receive any profit after investing. This led to numerous reports being lodged.
Following reports, CCID launched Op Nuri 3/17 at several locations in Kuala Lumpur, Pahang and Selangor, and nabbed five men and a woman aged between 28 and 38.
The suspects have been remanded for investigations under Section 3(1) of the Prevention of Crime Act 1959 Amendment 2014.
Police also seized a laptop, 10 mobile phones, ATM cards and five vehicles worth RM750,000 from the suspects.
It has been reported that the business module of the company was similar to the pyramid system associated with Ponzi schemes, and the company was registered in New Zealand with a virtual address.
Apart from Malaysians, it is also believed to have investors from other countries, although the company had allegedly been operating its business illegally without a banking and financial services licence from Bank Negara.
Datuk Acryl Sani Abdullah Sani