The Great Vascory Laundering

In the dirty world of Malaysian corporate fraud, few names evoke as much outrage as Datuk Wira Ranjeet Singh Sidhu. This man, with his smooth talk and high-society connections, has masterminded Ponzi schemes that have robbed ordinary Malaysians, retirees, small businesses, and even government agencies of their hard-earned money. Today, drawing from fresh revelations and documentary evidence received, we expose the rotten core of Vascory Berhad – a front for money laundering and deceit that swallowed over RM128 million, with ties to political slush funds and elite enablers. This is not just a story of greed; it's a call to arms for victims to rise, demand justice, and drag these perpetrators into the light.

Vascory Berhad was born in 2012, not from legitimate business ambition, but as a vehicle for Ranjeet's criminal empire. Fresh facts reveal that its seed money – a whopping RM60 million founding capital – came straight from Dato' Zulkifli Bin Jafar – a lawyer and co-founder of Messrs Rashid Zulkifli. Given his close ties to Datuk Seri Mohamed Khaled Nordin, the former MB of Johor from 2013-2018, question raises: is it his own money? or is it UMNO Johor's political slush fund? Or is it Ranjeet's laundered money parked at client's account of his firm? We need MACC to investigate this as it does not make any sense someone barely 40 years old then in 2013, had RM60mil to burn into a Ponzi Scheme. Perhaps Zulkifli can clarify to other Vascory investors of his role and source of money. What is he going to do about it given that Vascory has recently been wound-up? Does he have "special arrangement" with Ranjeet?

According to Vascory's internal sources, the Zulkifli saga didn't stop there. For a fat commission, he lured among others, the late Dato’ Ikhwan Salim Bin Dato’ Sujak – an UMNO heavyweight, former Senator, and Damansara division chief – into pumping RM6.5 million into Vascory. Today, Zulkifli sits as the Managing Director of Pharmaniaga Berhad and once graced the board of Boustead Holdings Berhad, LTAT's flagship. Yet, the millions channelled to Ranjeet. Written off like pocket change. As one insider quipped in the expose shown to us, "Apa aku kisah?" – Zulkifli, shielded by his ties to the Defence Ministry, is not afraid of anyone in UMNO to challenge him over the vanished RM60 million routed through Ranjeet's Ponzi machines like Vascory and 3Lyon. Evidence from SSM (Malaysian equivalent of UK's Companies House) maps Zulkifli's direct shareholdings and board roles, leaving no room for doubt.

When a whistleblower like En. Rosli approached the Defence Minister for answers, he was swiftly brushed off by the minister's aide. "Don't touch this, or it is you who will be investigated," was the warning. The minister, fearing for his job, turned a blind eye – even as Vascory's victims suffer. This cowardice echoes the betrayal of the rakyat, much like the scandals of past leaders. It's infuriating: politicians sworn to protect us, yet they shield thieves at our expense. But documented evidence and facts show this looting extended beyond Johor. State governments in Melaka, Kedah, and Perlis – plus agencies like a Penang orphanage and an Islamic research institute – were duped through Vascory's sister companies. Total haul? Over RM500 million.

Vascory Berhad was never a real company; it was a Ponzi facade. It laundered funds through Vascory Limited (Seychelles) and Malaysian bank accounts, chiefly AmBank's 091-201-2007-506 at AmCorp Mall. The company's RPS Share Subscription Agreement claimed it was "principally involved in investment holding" with "significant business interests" across Malaysia, Singapore, Indonesia, Australia, and the UK. Lies, all of it! Revelations from Pushpan Murugiah, former Ranjeet's Group COO to a victim, admits Vascory had no business, no plans – just a shell for siphoning cash.

Pushpan was the Group COO of Vasseti and Ranjeet's right-hand man during the VTEL/Aries and Bank Pembangunan saga. Most, if not all loan and contractual documents with BPMB were signed by Pushpan, Tan Sri Syed Yusof and Ranjeet. Pushpan appears to be the main contact point with BPMB between 2012 - 2013 and yet, conveniently he was not investigated nor sued by BPMB in their recovery suit - which was thrown off by the High Court of Malaya recently. Is he protected by MACC & BPMB cartel?

Pushpan, now CEO of the Center to Combat Corruption and Cronyism (C4 Center), preaches corporate integrity under Section 17A of the MACC Act: hold bosses accountable for bribes, do due diligence on agents. Yet, under his watch at Vascory, 3Lyon, and Kuber Venture, hundreds of millions vanished. "Do as I say, not as I do," he seems to mock. Evidence lists Pushpan's role in the scam, while his C4 profile scrubs it clean. Hypocrisy at its peak – and it boils the blood. Poorah la! We are compiling evidence of his corporate wrongdoings and will send the package to police and MACC when the time comes.

The Vascory syndicate's top 10 architects as extracted from documentary evidence:

1. Datuk Wira Ranjeet Singh Sidhu – "Promoter" & Managing Director, the puppet master.
2. Tan Sri Syed Yusof Bin Tun Syed Nasir – "Promoter" & Chairman, demanding 30% of all loot, no questions.
3. Tan Sri Rashpal Singh Randhay – "Promoter" & Advisor/Co-Owner, the hidden brain routing funds via Knight Capital.
4. Pushpan Murugiah – COO, enabler turned anti-corruption preacher.
5. S Meena a/p Silverajah – Investor Relations, luring victims with false promises.
6. Datuk Manibalan Kutty a/l Ragavan – Executive Director, privy to the split.
7. Hirofumi Ouchi – Executive Director.
8. Dato' M Harisharan Pal Singh - Financier/Partner
9. Zulkifli Bin Jafar – Largest shareholder, 3Lyon Director.
10. Dato’ Che Pee Bin Samsudin – Executive Director.
11. Dato’ Sri Mohammad Saraei Faridoun – Executive Director.

The loot-sharing formula, as revealed by Ranjeet's Group CFO Edmund Loo to Manibalan: 80% skimmed off as "Promoter's loot" – of which 30% each to Syed Yusof, Rashpal, and Ranjeet; 10% for bribes and or "kaw-tim" budget. The rest? 20% for overheads and short-term "dividends" to keep victims hooked. Siphoning was cash-only, untraceable. Ranjeet layered his share through family firms like Watchtower Group, Lancaster Group, Emir Property and few others as well as using a Shah Alam based money-changer "hawala" to remit the loot to his overseas trusts in the UK and Australia. Rashpal uses Knight Capital's licensed money lending front to launder – just check its loan book for prominent & influential  "borrowers" names, the likes of like judges and prosecutors and the truth will reveal itself. Are these cover for bribes?

Investors got teased with 8-12% dividends for months, but it was all smoke. Ranjeet needed only 12% of the loot for payouts; the rest funded lavish director perks and rentals to his wife's office. Over RM300 million cheated, yet companies like Vascory stopped audits post-2021, priming for wind-ups to erase traces. Ranjeet even bragged to Manibalan that PDRM and MACC are "petty idiots" who are easily fooled. Just like monkeys with peanuts! Ask Manibalan personally about this.

Counterarguments? Denials from Zulkifli or Pushpan might claim "legitimate investments" or "no knowledge." But bank records, board minutes, and insider testimonies dismantle that. Syed Yusof could say it's "business dealings," but the 30% cut screams complicity. Legal scrutiny under AMLA and MACC Act would expose the laundering; no real assets back the claims in these companies!

Separately, the MACC must investigate the cheating and money laundering enablers: Dr. Sunil Bhalla Harchand Singh, Rashpal's proxy is just a Scholar and small entrepreneur - yet he holds at least RM17mil capital investment into Rimbunan Setara, the majority shareholder of Knight Capital. Where did he get so much money from? Separately, Mr Zulkifli Bin Jafar, who sits on government linked corporation, Pharmaniaga and Boustead having personally invested RM60mil 13 years ago, when he was barely 40 years old. Where did all these money come from? Was it the proceeds of monies looted from victims who fell into Ranjeet's PONZI scams? Certainly Sec 36 of the MACC Act need to be applied on these people.

This scam has shattered lives – retirees penniless, families broken. Feel the anger: your taxes funded agencies robbed, while elites feast. But channel it into action. Join MaPeR. File reports with SSM, SC, BNM, MACC and PDRM today – demand audits of Ranjeet and rashpal linked compoanies. Urge MPs to probe the government ties. Share this article; ignite public fury. Justice for Ranjeet's victims starts now – don't let them hide. Act urgently, or more will suffer!