Malaysia

Three 'Datuks' Arrested for Scamming RM1 Billion from 70,000 People Over Forex Investment Scheme

genre in the world of news. Malaysia’s honorary titled citizens such as ‘Datuk’ and ‘Datuk Seri’ have always been making headlines for their misdeed. That really begs the question: why give them the titles the first place if their source of income or motivation is unclear? According to NST, three ‘Datuks’ were arrested in Kuala Lumpur over a raid operation by the police for their alleged involvement in a foreign exchange (forex) investment scam that amounts to RM1 billion. Source: NST The arrest came earlier this month on February 10, and in the raid, the police had seized 13 luxury cars, three superbikes, 10 gold pieces weighing 100 grams each, luxury watches and handbags, and numerous documents. FMT report added that a bungalow was also impounded, all of which added up to a whooping RM10.5million worth of assets! What a big catch but that’s just the tip of the iceberg. Remember they had scammed RM1 billion from the people? Source: NST Director of the Bukit Aman Commercial Crime Investigation Department (CCID), Amar Singh said the trio were aged between 35 and 49 and believed that they had combinedly scammed a total of 70,000 people since October 2016 based on the 116 reports made against them. Only 0.17% of the victims reported the conmen.  The reported cases had a combined amount of RM6.2 million in term of losses but Amar believed that the losses from unreported cases broke a billion threshold.

“We estimate that there are 70,000 victims, making the total losses amounting to RM1 billion,” said the CCID director.
The police had frozen 38 bank accounts belonging to 17 people, which had RM624,000 in total. Source: Forex Investment in Malaysia It’s reported that forex scheme could trace all the way back in late 2013 and lasted until August 2016, operating under a website registered overseas. The trio allegedly deceived their victims to join a forex-based investment scheme, which promised the investors a 12% monthly returns. The shenanigan ran seminars to convince and attract investors. With ‘Datuk’ individuals spearheading the programme, many victims bought into scams and lost the money they invested. The suspects have been detained under the Prevention of Crime Act (POCA) 1959 to facilitate investigation under Section 420 of the Penal Code, together with the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLA) 2001. These ‘Datuks’ should really be cleansed off the society. It’s unfair to those Datuks that actually earned the titles and contributed to the country.  What are your thoughts on this? Let us know in the comments below.

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