Three FX United Datuk scammers arrested in Malaysia
A few years ago forex MLM Ponzi schemes were all the rage in Malaysia.
One of the top companies to dominate the space was FX United.
As is custom among Malaysian scams, FX United’s owners went to great lengths to project the company wasn’t Malaysian.
This saw the incorporation of United Global Holdings Limited in New Zealand, as well as inconsequential ties to the UK and Australia.
Eventually New Zealand wised up to FX United but by then the damage was done.
FX United would go on to collapse in early 2017, resulting in over $250 million dollars in losses.
Unknown to us, authorities in Malaysia continued to investigate FX United after its collapse.
That long-running investigation lead to the arrest of three admins last weekend.
Last Saturday Malayisan police carried out raids in four locations in Kuala Lumpur.
Three “Datuks” were arrested, as well as ‘13 luxury vehicles, several branded watches and company documents‘.
Police have also linked 38 bank accounts to FX United, which have since been frozen.
Two additional Datuk suspects, Pandeyan Maruthamuthu and his (Datin) wife, Gouri C. Faskuny, are wanted and on the run.
Malaysian police believe Maruthamauthu and his wife fled Kuala Lumpur to a “neighbouring country” the day after the arrests.
Malaysian police have vowed to go “all out” and track the scammers down.
Testament to the success of Malaysian forex scams, only 116 FX United victims have come forward to report $1.58 million in losses.
Police estimate FX United conned 70,000 investors out around $250 million dollars.
For those unfamiliar with the title, “Datuk” is ‘a traditional Malay honorific title‘.
Well, at least it’s supposed to be. As far as MLM in Malaysia goes, I’ve lost count of the times Datuk someone or the other is behind some of the country’s biggest scams.
Datuk, at least in my experience, might as well be an honorific synonym for “scammer”.
If I may offer some advice to our Malaysian readers: If the main selling point of a questionable MLM opportunity in Malaysia is “Datuk Someguy” is in charge, run.
Update 30th March 2018 – Husband and wife suspects Pandeyan Maruthamuthu and Gouri C. Faskuny were arrested trying to re-enter Malaysia on Monday.
Assets belonging to the couple that have also been seized include
RM10.4 million worth of properties, including houses, a condominium, a shop lot and two factory lots belonging to the couple.
10.4 million MYR comes to about $2.6 million USD.