KUALA LUMPUR: Police have busted a scam which was "too good to be true", promising victims earnings in just 48 hours.

       Federal Commercial Crime Investigation Department (CCID) director Comm Datuk Seri Ramli Mohamed Yoosuf said that the group had gone by the name "Pelaburan Amundi", and that it had offered packages which offered returns of up to 21 times an initial investment.

       One of the tiers, dubbed the "Superconquer" promised earnings of up to RM85,500 with a RM4,000 investment.

       "As of now 15 investigation papers have been opened with losses estimated at RM166,331.74.On March 6 and 7, the CCID launched operations in Johor and Sarawak.

       "A total of 16 people, 14 men and two women, were arrested aged between 21 and 70 years old.

       "It is believed that they were workers and mule account holders," he said at a press conference on Thursday (March 14).

       In an unrelated case, investigations into the "Snuppee Mall" scam had led to 14 arrests.

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       The arrests were made from Feb 27 to 29 in areas in and out of the Klang Valley area, including Melaka, Pahang and Johor.

       He explained that investors would be promised daily pay after performing certain tasks.

       "The source of the money was said to have originated from the Snuppee America. However on Jan 29 the group issued a notice saying that they had declared bankruptcy and were closing all operations," he said adding that this was a common tactic for scammers.