Datuk Seri Linked to RM8.4 Million Gold Investment Scam Under Police Probe

Malaysian police are investigating a gold investment scam that has cheated 37 people out of more than RM8.4 million, with a businessman holding the honorific ‘Datuk Seri’ believed to be the mastermind.

According to Bukit Aman Commercial Crime Investigation Department (JSJK) director Datuk Rusdi Mohd Isa, police have recorded 40 statements so far, including from three witnesses. The case came to light after the Malaysian International Humanitarian Organisation (MHO) highlighted it, following 43 police reports made nationwide since 2023.

The company behind the scheme claimed to control billions of ringgit in gold and cash held overseas. Investors were told their funds would cover management and activation fees before the gold was sold and high returns paid out.

However, checks showed the company was not registered with the Companies Commission of Malaysia (SSM). Police say the Datuk Seri convinced victims by claiming he was managing the inheritance of a wealthy foreign national. To appear credible, the suspects allegedly produced fake documents carrying forged logos, stamps, and signatures from Bank Negara Malaysia (BNM). These were shown to investors as “proof” of the investments legitimacy.

No investor has received any returns, despite repeated promises. Instead, they were given excuses such as overseas technical problems or missing paperwork.

Police have opened 15 investigation papers under Section 420 of the Penal Code, which deals with cheating and dishonestly inducing the delivery of property. No arrests have been made yet, and the investigation is still ongoing.

Authorities are urging the public to be cautious of investment offers that promise unusually high returns, especially when the companies involved are unregistered and make unverifiable claims about foreign assets.

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