Malaysian authorities are actively pursuing seven individuals in connection with the fraudulent Gigamax cryptocurrency investment scheme that has left investors with significant losses.
According to Bukit Aman Commercial Crime Investigation Department (CCID) director, Datuk Seri Ramli Mohamed Yoosuf, police have received 101 complaints involving a total of RM7.25 million in losses.
The individuals sought include both locals and an Indonesian national believed to be behind the operation.
The Gigamax platform, which operated as a cryptocurrency broker, was promoted by a non-governmental organisation (NGO) from July 2022.
It attracted many investors by claiming to provide access to the crypto market.
However, the scheme soon unravelled as authorities uncovered evidence of fraud.
The mastermind behind the scam has been identified as an Indonesian man, Awaludin, who is thought to still be in Malaysia.
Six Malaysian nationals are also being sought for their involvement in the operation.
These individuals, aged between 38 and 48, are accused of acting as promoters and speakers for the fraudulent investment platform.
Among them are senior members of the NGO, including Benjamin al Sharif and Mohd Norizwan Ali, who held prominent positions within the organisation.
Datuk Seri Ramli Mohamed Yoosuf said:
"They may assist with further investigations. The individuals are believed to be crucial in uncovering the full extent of the scheme."
Other persons of interest include Mohamad Sufi Abd Razak, Muhd Firdaus Khadri, and Risman Muhd Yatim.
The police also confirmed that one of the suspects, Muhamad Nizam Sahar, is believed to have fled to Dubai.
In November 2024, police made significant strides in the investigation, arresting 11 individuals across multiple Malaysian states, including Kuala Lumpur, Selangor, Pahang, Kelantan, Terengganu, and Melaka.
The group of arrests included top management from the Gigamax platform, as well as lecturers and individuals responsible for cryptocurrency withdrawals.
These arrests followed a series of raids in early November.
The police are working tirelessly to track down the remaining suspects as Datuk Seri Ramli reveals:
“We believe that six of the individuals are still in the country.”
The case is being investigated under Section 420 of the Penal Code, which relates to fraud.
Authorities are urging the public to come forward with any information related to the suspects.
Datuk Seri Ramli appealed for help, encouraging individuals with relevant details to contact the nearest police station.
The investigation is ongoing, with law enforcement focusing on bringing all those responsible for the scheme to justice.
The Gigamax platform, which promised lucrative returns from cryptocurrency investments, has left many victims in its wake, with the total losses continuing to grow.
Despite the arrests, the authorities remain determined to uncover the full scale of the fraud and hold all involved accountable.
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