KUALA LUMPUR (THE STAR/ASIA NEWS NETWORK) - Three major players of a forex investment scheme in Malaysia, called FX United, have been arrested following investigations into more than 100 police reports made over the matter.
Federal Commercial Crimes Investigation Department (CCID) director Amar Singh said that three suspects were arrested during raids on Feb 10.
"Simultaneous raids in Kuala Lumpur saw the arrest of three suspects with 'datuk' titles. Two more main suspects are still wanted by the police," said Comm Amar.
He added that the police believe that the duo have fled Malaysia to a neighbouring country.
"We will work with our overseas counterparts to find them," he said in a press conference Wednesday (Feb 14) at the department headquarters here.
The suspects have been identified as Datuk Pandeyan Maruthamuthu, 56, and his wife Datin Gouri C. Faskuny, 55.
The two and the other arrested suspect are known to be the main handlers of FX United, a forex investment platform that started operations in 2013.
Reported losses from the forex scheme are estimated to be around RM6.2 million (S$2.1 million), with possibly much more in unreported losses.
Police investigations have shown that the investors were promised profits as high as 12 per cent per month.