KUALA LUMPUR: A bogus Datuk Seri has been arrested for allegedly setting up a nonexistent investment scheme and taking RM3.32mil from investors.

       The 46-year-old mastermind was among nine people arrested following police operations on Tuesday (March 1).

       Federal Commercial Crime Investigation Department director Comm Datuk Kamarudin Md Din said police recently detected the syndicate, which went by the name Pelaburan Planetrade (Plan E Investment).

       "Our personnel conducted raids in Selangor, Kuala Lumpur and Penang and arrested three men and six women aged between 41 and 62.

       "The mastermind, a 46-year-old man who called himself a Datuk Seri, was among those arrested," he told reporters on Friday (March 4).

       He said the main suspect and another individual were remanded for four days while the remaining suspects were remanded for two days.

       "We seized six vehicles including a Bentley, two Toyota Vellfires, a Mercedes GLC200, a BMW X4 and a Ford pickup truck.

       "Also seized were two computers, a passport, seven sets of agreement documents, a router, modem, four external hard drives, three company stamps and various documents connected to investments," he said.

       Investigations revealed the syndicate had been active since January last year and offered "preference shares", he added.

       Comm Kamarudin said 21 reports have been lodged so far involving RM3.32mil in losses but they believe more victims have yet to come forward.