KUALA LUMPUR: The hands behind investment group Royal Gold have been nabbed as police continue to investigate the pile of reports accusing it of being a scam outfit.
Six suspects, including a Datuk Seri and three Datuks, were picked up here and in Penang on Jan 26.
A total of 193 reports have been made against the group since October 2017, with losses said to be at RM27.5mil.
However, investigators have estimated total losses at a staggering RM200mil, on the belief that many other victims did not lodge reports.
It is learnt that investors were duped into believing that their investments would rake in a 2% profit monthly.
Another scam operated by the group dealt in oil bunkering, which promised higher returns.
It is believed that about 2,000 persons have fallen prey to the group. It is also learnt that a member of a royal family was involved with the group.
Official documents of the group had his seal attached to it, which was used to convince investors of their legitimacy.
Sources said the Datuk Seri and Datuks, the masterminds of the group were remanded under the Prevention of Crime Act (POCA).
Federal Commercial Crimes Investigation Department (CCID) director Comm Datuk Seri Amar Singh said yesterday that police were trying to uncover the role of the royal family member.
“We are trying to verify if he is part of the group, or just used to woo investors,” he told a press conference at Bukit Aman.
Sources said the royal family member was not among the six.
It is also learnt that police have recorded his statement.
Comm Amar said police seized eight cars, including a Bentley and Porsche, from the group, adding that the group members were expected to be charged in court soon.
The CCID chief also disclosed that his officers have managed to bust a land investment scam operation.
This followed raids conducted nationwide on Jan 18 which led to the arrest of 11 suspects.
“As many as 22 police reports were lodged against them,” said Comm Amar.
The scammers were known to have connected legitimate land sellers to “buyers” and acted as middlemen.
They would convince the victim to buy, then sell other plots of land at above market rates, and split the profits.