Malaysia police arrest three major players in forex investment scheme

Luxury goods like watches, as well as cash and gold bars, were seized during the raids by Malaysian police.
Luxury goods like watches, as well as cash and gold bars, were seized during the raids by Malaysian police. PHOTO: THE STAR/ASIA NEWS NETWORK

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.


Datuk Pandeyan Maruthamuthu and his wife Datin Gouri C. Faskuny, two other suspects believed to have been involved in the forex investment scheme, are currently at large and are wanted by police. PHOTO: THE STAR/ASIA NEWS NETWORK

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.