A total of 7,600 individuals have become victims of the fund investment fraud syndicate operating under the name of Federal Reserve Chicago Bond involving losses of over RM90 million in the country.

Bukit Aman Commercial Crime Investigation Department (Investigation) deputy director Tajudin Md Isa said initial investigations revealed that the suspects deceived the victims who are mostly locals.

"The victims were promised high returns for every investment made. Unfortunately the victims never receive any profits promised after they made an investment," he said in a statement in Kuala Lumpur today.

Tajudin said the police was in the process of tracing other individuals after the existence of this syndicate was detected.

Hence he urged members of the public with any information on these activities, to come forward to assist in investigatons or contact directly investigating officer DSP Nooranita Ismail at phone line 019-4814459 or 03-26101222.

He said the case was being investigated under Section 420 of the Penal Code for cheating.

- Bernama