KUALA LUMPUR: A bogus Datuk Seri is allegedly responsible for over RM3.32mil in losses after he duped 21 investors, police revealed.

       The man masterminded a phony investment scheme syndicate, offering investors four to five percent returns on their investments monthly.

       The 46-year-old suspect was among nine arrested following police operations in three states on March 1.

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

       “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 the nine arrested,” he told reporters yesterday.

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

       Illegal activities: Comm Kamarudin holding seized items during the press conference on the investment fraud syndicate in Kuala Lumpur.

       “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 documents, a router, modem, four external hard disc drives, three company stamps, and various documents connected to investments,” he said, adding that investigations revealed the syndicate had been active since Jan 2021 and offered “preference shares”.

       He said 21 reports had been lodged so far, involving RM3.32mil in losses, but they believe more victims had yet to come forward.

       “Our investigations revealed the syndicate had never actually invested any of the money they received.

       “They acted like a pyramid scheme and used the money they received to pay out the returns they had promised.

       “Investors began to get suspicious when they stopped receiving payouts this year,” he said.

       Comm Kamarudin said intelligence revealed one individual invested over RM4.6mil.

       “That victim, however, has yet to come forward to lodge a police report.

       “We urge these remaining victims to come forward immediately,” he said, adding that further investigations revealed the suspects arrested were either agents or had other roles in the syndicate.

       He said investigations revealed the syndicate promoted the scheme through word of mouth as well as social media.

       Comm Kamarudin urged the public not to easily believe such promises shared on social media.

       “The public should first check the schemes they are planning to invest in with Bank Negara Malaysia.

       “They can verify if the bank accounts which they are asked to transfer money to are under investigation for cheating at semakmule.rmp.gov.my.

       “You can also get advice from police via the CCID Scam Response Centre at 03- 2610 1559 or 03-2610 1599,” he said.