In an afternoon raid on his home, police arrested the 35-year-old man, who is believed to be the crime syndicate’s money handler.
They also seized three imported luxury cars – a Nissan, Lamborghini and Porsche – and two imported super-bikes, including a Harley-Davidson, as well as land titles and US$ 26,000 in Malaysian Ringgit and Indonesian Rupiah, The Sun Daily reported.
Since 2016, police have received 248 reports on the scam.
The director of The Commercial Crime Investigation Department (CCID), Datuk Acryl Sani Abdullah Sani, said that police are also investigating the syndicate for money laundering.
The scam allegedly lured its victims in by offering high returns paid out every 12 days, as well as bonuses for recruiting other people to invest in the scheme.
"In the beginning, when they started the scheme in early 2016, the syndicate paid profits to their investors, we believe, to lure and win their trust," Acryl Sani said.
"However, when more investments poured in, the syndicate wound up operations and fled with about RM31 million it had received."
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