Malaysia busts int'l fake bonds syndicate

19:39, August 27, 2010      

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Malaysian police detained four suspects believed to be related to an international false bond issuing syndicate in two separate raids on early Friday morning.

The Commercial Crimes Investigation Department started action at 1:45 a.m. Friday in a hotel in Shah Alam, Selangor, where they arrested two Japanese aged 62 and 68, a 38-year-old local man and a 31-year-old Indonesian woman, national media Bernama quoted the city police chief Noor Azam Jamaluddin as saying here on Friday.

In the raids, the enforcement officers seized counterfeit money and some fake bond materials including 114 sheets of brown paper with words "Federal Reserve Bond" embossed on them and seven sheets of platinum written with "United States of America Department of Treasury Bank Memorandum", he said.

Also seized were 50 pieces of "The Japanese Government" currency notes, 150 Gold Certificates valued at 100,000 U.S. dollars each, four gold coins and five green cards titled "Federal Reserve Bond", he added.

Noor Azam said that the syndicate has not been seen in any police report but the local man, who acted as a trustee to find investors, was found being wanted by the authorities in Indiana, United States, for cheating.

The four suspects had been remanded to assist investigation under the Penal Code for cheating, he said.



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