A 'Datuk Seri' was among three individuals detained by the police for alleged involvement in a fraudulent foreign exchange (Forex) scheme involving RM39.60 million in losses.

Bukit Aman Commercial Crime Investigation Department director Datuk Acryl Sani Abdullah Sani said the 'Datuk Seri', who was also the founder of the investment scheme, was arrested with two others in Maran, Pahang and Kota Baru in Kelantan on Tuesday.

"The modus operandi used by the suspects was to ask victims who are interested in investing to make payments to the company, MGC Capital Sdn Bhd's bank account before registering online at the website www.mgcforex.com," he said in a statement.

He said the police had received 114 reports on the investment scheme and opened 20 investigation papers.

"Based on the investigations, the company which has been operating since June 2014 claimed to have invested in foreign currency exchange and promised profit of up to 10 percent and weekly payments for four years."

Acryl Sani said initially, the company paid the promised profit, but in August 2015, it stopped making payment.

-- BERNAMA