KUALA LUMPUR: Three people with the honorific Datuk title have been detained by police over their alleged involvement in a foreign exchange investment scam involving losses amounting to RM1 billion (US$256 million).
Bukit Aman Commercial Crime Investigation Department (CCID) director Amar Singh Ishar Singh said the three suspects, aged between 35 and 49, were picked up in the federal capital last Saturday (Feb 10).
The police also seized jewellery, luxury cars and impounded a bungalow all of which were worth RM10.5 million, he added.
“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,” he told reporters on Wednesday.
“The scheme began from late 2013 to August 2016 using an overseas-registered website.”
He added that the suspects allegedly deceived their victims, offering them guaranteed 12 per cent monthly returns.
The police are also pursuing a married couple also believed to have been involved in the scheme.
“The police are now closing in on the couple identified as M Pandeyan and FC Gouri, who are suspected to be the masterminds of the syndicate,” he said.
“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.