Police have smashed a forex investment scam ring led by a bogus "Datuk" that conned 629 victims out of more than RM30mil.

Federal Commercial Crime Investigation Department (CCID) deputy director Comm Datuk Mohd Kamarudin Md Din said that on Friday, adding that police conducted a series of raids around the Klang Valley on Tuesday (Jan 5) and arrested 22 Malaysians and two foreigners.

Police also seized 22 mobile phones, one tablet device, 10 laptops, one computer, one hard disc, 14 books on forex investments, 1,000 counterfeit US$100 bills, 10 real US$100 bills, 15 ATM cards, nine luxury watches, seven gold bars believed to be fake, 11 branded bags, jewellery, and RM2,230 cash, as well as a Ferrari F430, a McLaren exotic car, three Mercedes Benz and a Toyota Vellfire.

Comm Mohd Kamarudin said investigations revealed the syndicate was active for over two years and would dupe victims by selling software to supposedly analyse the forex market situation.

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