Gigamax Scam: Tracking Key Suspects in RM7 Million Crypto Fraud

Malaysian authorities are actively pursuing seven individuals linked to the Gigamax investment scam, which has defrauded investors of over RM7 million. The suspects include an Indonesian national, identified as Awaludin, who is believed to be the mastermind behind the scheme, and six Malaysians who served as promoters and speakers for the fraudulent operation.

The Director of Bukit Amans Commercial Crime Investigation Department (CCID), Datuk Seri Ramli Mohamed Yoosuf, revealed that Awaludin is likely still in Malaysia. Among the six local suspects, two hold senior positions in a non-governmental organisation (NGO). These individuals, identified as Benjamin al Sharif and Mohd Norizwan Ali, played prominent roles in promoting the scam. Others named in the investigation include Mohamad Sufi Abd Razak, Muhd Firdaus Khadri, and Risman Muhd Yatim. The sixth Malaysian, Muhamad Nizam Sahar, is believed to have fled to Dubai.

According to Ramli, the suspects, aged between 38 and 48, are sought to assist in investigations under Section 420 of the Penal Code, which deals with cheating and dishonesty in inducing the delivery of property. Police have received 101 reports from victims of the scheme, amounting to total losses of RM7.25 million.

Authorities believe six of the suspects, including the alleged mastermind, are still within the country. Ramli called on members of the public with information about the individuals to come forward and contact the nearest police station.

In a coordinated operation, dubbed “Ops Nuri-Gigamax,” police previously arrested 11 individuals, including two women aged between 34 and 59. The arrests were made on 13 November during raids across Kuala Lumpur, Selangor, Pahang, Kelantan, Terengganu, and Melaka. These arrests mark a significant step in the ongoing efforts to dismantle the fraudulent operation.

The Gigamax platform, presented as a cryptocurrency brokerage, purportedly acted as an intermediary between investors and the cryptocurrency market. Introduced in July 2022, the scheme was promoted by an academy associated with an NGO. It offered educational services on blockchain and decentralised finance, positioning itself as a legitimate opportunity for investors.

However, investigators have uncovered the deceptive nature of the platform, which exploited the growing interest in cryptocurrency to lure unsuspecting victims. The police continue to warn the public against falling prey to similar schemes, urging vigilance when considering investment opportunities.

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