Men with “Datuk” titles arrested in raids against alleged RM1 billion scam

The Straits Times

Luxury cars, superbikes and gold bars were among several pricey items seized by Malaysian police from three men who allegedly ran a scam that took RM1 billion from its victims.

The three men with “Datuk” titles, aged between 35 and 49, were arrested on Feb 10 after police say 116 reports were made against FX United, a forex investment platform.

Quoting a police spokesperson, New Straits Times reported that 13 luxury cars, three superbikes, luxury watches and handbags, as well as 10 gold bars of 100g each were seized in the raids.

A RM5 million bungalow, a RM1.5 million Ferrari and 38 bank accounts belonging to 17 people were also frozen.

According to The Star, police believe that a total of 70,000 victims may have been involved since the group was started in 2013.

Police have also engaged overseas authorities in their search for a couple who are being sought to assist with investigations.

The report identified the couple as Datuk Pandeyan Maruthamuthu, 56, and Datin Gouri C. Faskuny, 55.

The Federal Commercial Crimes Investigation Department has reportedly revealed that the group created an elaborate set-up to convince investors that they would receive returns as high as 12 per cent a month.

Director of the department, Datuk Seri Amar Singh, was quoted by The Star as saying that minimum investments averaged around RM3,000, while the single biggest loss was around a couple of hundred thousand ringgit.

“They even registered their company with the Companies Commis­sion of Malaysia and held seminars for investors in hotels,” he said.