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The Malaysian Anti-Corruption Commission, or MACC, has carried out raids on more than 24 premises to target foreign investment fraudsters working in Malaysia, IFW Global, a financial intelligence, investigate service and asset recovery firm has said. The firm is acting for victims of the alleged scam, it said.

More than 70 foreigners have been arrested, including UK, Philippine, New Zealand and South African citizens, the report said. 

This news service examined the MACC website and saw no reference to the issue. 

The raids targeted call centres run by scammers from several nationalities, various registered offices of Malaysian companies and the private homes of suspects connected to a “major international syndicate,” IFW Global said.  

The report said the group is allegedly involved in scamming over A$1 billion ($673 million) from Australian investors over the past 15 years in fake share market deals.

“This criminal group [has left] a path of destruction and financial ruin to the Australian victims,” Ken Gamble, IFW’s executive chairman and cybercrime specialist, who was present during the raids earlier this week, said. 

The IFW Global firm said it acts for 20 victims who were allegedly scammed by this syndicate with total losses in the vicinity of A$63 million.