Bukit Aman Commercial Crime Investigation Department (CCID) director Amar Singh said the three suspects, aged between 35 and 49, were picked up in the federal capital on Saturday.
“So far, we have received 116 police reports lodged over the scam involving RM6.2 million.
“However, we estimate 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.
Amar said the suspects had allegedly deceived their victims to participate in a forex-based investment scheme and had organised seminars, offering guaranteed 12% monthly returns.
They used registered companies and got individuals with “Datuk” titles to represent them.
The police also seized jewellery, luxury cars and impounded a bungalow, all of which were worth RM10.5 million, according to police.
Amar 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.
“Police are now closing in on a couple who are suspected to be the masterminds behind the scam.
“The couple are believed to have fled to a neighbouring country on Sunday. Police will seek help from the authorities of that country to arrest them,” he said.
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