Two suspects prosecuted for scamming MOP40m

Two suspects have been arrested for allegedly scamming over MOP40 million in total from more than 30 people, the Public Prosecutions Office (MP) announced yesterday in a statement.

The MP noted that the police cracked down on the case recently.

According to the MP, the two suspects – among others who are at large – persuaded the victims to invest in a company, claiming that if they did so they would either receive high returns within a short period of time or become the founding shareholders of the company.

The victims invested in excess of MOP40 million into the alleged company. Nonetheless, when their respective contracts reached their termination dates, they could neither retrieve their capital, obtain the promised return on their investment, nor be registered as shareholders of the company.

Suspecting that they might have been scammed, they reached out to the police for further investigation.

Preliminary investigations suggest that the suspects are likely to have committed the crimes of fraud and major fraud, which are subject to a maximum penalty of 10 years’ imprisonment.

The prosecutor has also suggested that restrictive measures be imposed on them, a suggestion that was accepted by the judge at the Criminal Procedure Court in light of the severity of the crimes committed.

In light of the prosecutions, the MP reminded members of the public to remain vigilant against potential scammers. The monetary authority should be approached to verify the legality of any purported investment company or broker beforehand. Any suspected scams should also be reported to the police as soon as possible.