Police have arrested three Datuks and are hunting for two more after they were believed to have cheated over 70,000 victims in a forex investment scam, FX United involving an estimated RM1 billion.
Federal Commercial Crime Department director Commissioner Datuk Seri Amar Singh said three suspects aged between 35 and 49 were picked up in simultaneous raids throughout the city on Saturday.
“Victims were duped into thinking they would be guaranteed a 12 per cent return monthly by investing through a website owned by the syndicate,” he said.
Amar said the suspects had organised seminars, contract signings, endorsement and used registered companies to make their fraudulent activities seemed believable for their victims.
Initial investigations showed one victim suffered losses amounting to at least RM500,000 and the syndicate had started operating since 2013 and ended their operations in 2016.
He said police received a total of 116 reports involving RM6.2 million until February this year after the scheme stopped operations and closed their overseas registered website in August 2016.
However Amar said police investigations showed that there are 70,000 scam victims who incurred losses of around RM1 billion, but did not lodge police report.
During the raids in four locations, police seized 13 luxury vehicles, several branded watches and company documents along with 38 bank accounts that has since been frozen.
Amar said police were still looking for two more prime suspects, both Datuks aged 55 and 56 who are believed to have fled to neighbouring countries a day after police conducted the raids.
The wanted individuals has been identified as Datuk M. Pandeyan and his wife Datin CF Gouri whose last known address was in Bukit Jalil, Kuala Lumpur.
“We will go all out to arrest the suspect and urge those with information on their whereabouts to contact police.
“Meanwhile we want to advise the public to not fall for dubious schemes that offers big rewards within a short period of time before verifying it with authorities,” he said.
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