MaPeR Press Conference - NuSentral Kuala Lumpur on 8 October 2025

KUALA LUMPUR 8 October 2025: A British investor, joined by ten Malaysian individuals, has filed their respective formal complaints with the Malaysian Anti-Corruption Commission (MACC) against Datuk Wira Ranjeet Singh Sidhu, alleging a sophisticated investment scam that defrauded them of over RM66 million through fraudulent schemes orchestrated by the businessman and his syndicate.

The aggrieved parties also plan to expose more fraudulent activities on Ranjeet and his syndicate, and they have also appealed for other victims to come forward to help expose any other nefarious activities by the businessman/syndicate.

The complaint details a fraudulent investment scheme operated since 2018 through Ponzi Scheme companies like 3Lyon Holdings Berhad, Vascory Berhad, Vascory Limited, 3Lyon Capital, and Kuber Venture, defrauding victims of over RM300 million.

Shah Abdul Malek, the Chairman of MaPeR Action Group, who has been championing the action since 2023 said that hundreds of individuals and corporate companies including government agencies have fallen victim to the investment scam. "Their fraud network has reached almost RM1 billion, including investments made by an entrepreneur from the United Kingdom (UK), Lee Rodger Meiklejohn, totaling almost RM60 million," he said in a press conference at NuSentral today. He added, “From the publicly available records, it can be seen that several state government agencies and government linked companies in Kedah, Melaka and Perlis including a Persatuan Kebajikan Anak-Anak Yatim in Penang as well as an Islamic research institute may have fallen as victims to the fraud schemes linked to Ranjeet”.

Many of the victims were duped through Ranjeet’s agents masquerading as AmBank and Alliance Bank employees offering Securities Commission-approved retail investment schemes that are backed by insurance guarantees. Others were unsuspectingly scammed because some prominent businessmen with Tan Sri titles were linked to these companies as key board members and shareholders.

Government agencies were duped suspectedly because of the involvement of a former senior high ranking federal government official as Ranjeet’s proxy.
The monies cheated out of the victim are then used to pay gratification or bribe to the agents and prominent people who lent their credential to the companies linked to Ranjeet in form of “commission” or “fees”.

To recap, on 6 November 2023, a Commercial Crime Report was made by Mr Lee Meiklejohn on Ranjeet who plainly and openly cheated him of GBP 10 million of his investment money purportedly for the subscription of shares in Vasseti Berhad, which was then controlled by Ranjeet. However, the money was channeled to Ranjeet’s own company, G&P Solutions Sdn Bhd via bank accounts held at Maybank, under the pretext it has Bank Negara licenses to receive investment monies from overseas.

Lee Meiklejohn, said he fell a victim of Ranjeet's fraudulent activities between October 2010 and April 2011. Despite multiple follow-ups and strong supporting documents, his case with the Police has not advanced significantly, suggesting potential procedural delays or possible interference.

One of the latest victims, a Malaysian senior citizen, said that he was cheated a total of over RM2.75 million through companies controlled by Ranjeet namely Vascory Berhad, Vascory Limited, 3Lyon Capital and 3Lyon Holdings. Another of Ranjeet’s victims, a retiree had all her life's savings brazenly stolen by companies linked to Ranjeet.

Shah said, “I do not know how else to help these investors. I have with me a list of over 300 investors that may have their investment monies compromised including assets from several government-linked companies. What these investors failed to realise is that the companies linked to Ranjeet do not have any legitimate businesses and I believe all the ill-gotten gains were only channelled into Ranjeet’s own pocket. Ranjeet is not a businessman and does not know how to run any other businesses but to cheat investors”.

Some of these schemes lured unsophisticated retail investors with false promises of double-digit tax-free dividends, wrapped with fake insurance guarantees, and misrepresented Securities Commission approvals. Funds were misappropriated for personal gain, unauthorized payments, and layered through Ranjeet-controlled entities, constituting criminal breach of trust, money laundering, and breaches of the MACC Act, Capital Markets and Services Act, Companies Act, and Penal Code. Collusion by auditors, company secretaries, and insurance providers facilitated the fraud through fake documents and inaccurate financials. The victims demand asset freezes, a thorough investigation, and prosecution to recover funds and ensure justice.

Time is critical for investors to take action, as MaPer has uncovered that Ranjeet, to evade accountability for defrauding investors, has initiated the winding-up of his investment firms used in the scam. To secure the success of this process, individuals like Tan Sri Rashpal Singh Randhay, via Knight Capital Sdn Bhd, have intervened in the court’s winding-up petition with a substantial debt claim and, surprisingly, supported the liquidation despite not being a secured creditor. This move is designed to ensure investors receive nothing from the winding-up, allowing the perpetrators a clear escape.

Shah added, “Our goal in making this disclosure is so that we can work together to recover as much as possible of the stolen money that has been defrauded by Ranjeet”.

Victims can contact the MAPER Secretariat Chairman at 017-4477 675 or email at maper.action@gmail.com.