Three Datuks Nabbed Over RM1 Billion Forex Scam

in Top News

KUALA LUMPUR – The police have detained three individuals with the honorific ‘Datuk’ titles and are hot on the heels of a married couple over their alleged involvement in a forex investment scam involving losses amounting to RM1 billion.

Bukit Aman Commercial Crime Investigation Department (CCID) director Datuk Seri Amar Singh Ishar Singh said the three suspects aged between 35 and 49, were picked up in the federal capital last Saturday.

“So far, we have received 116 police reports lodged over the scam involving RM6.2 million. However, we estimated that there are 70,000 victims, making the total losses amounting to RM1 billion.

“The scheme began from late 2013 to August 2016 using an overseas-registered website,” he told a press conference at the Bukit Aman CCID headquarters here today.

Amar Singh said the suspects had allegedly deceived their victims to participate in a forex-based investment scheme and obscured them by organising seminars, offering guaranteed 12 per cent monthly returns, using registered companies and getting organisers or individuals with ‘Datuk’ titles.

The police also seized jewellery, luxury cars and impounded a bungalow all of which were worth RM10.5 million, he added.

Amar Singh said the three suspects were being detained under the Prevention of Crime Act (POCA) 1959 to facilitate investigation under Section 420 of the Penal Code and the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLA) 2001.

“The police are now closing in on the couple identified as Datuk M. Pandeyan and Datin F. C. Gouri, who are suspected to be the masterminds of the syndicate.

“The couple is believed to have fled to a neighbouring country last Sunday. The police will seek help from the authorities of that country to arrest them,” he added. – BERNAMA

Tags: