KUALA LUMPUR: A "Datuk Seri" is being investigated for cheating some 100 luxury car owners into parting with their vehicles under a car-for-sale scam worth more than RM10mil.

The “Datuk Seri”, who is in his 40s from Kuala Lumpur, was detained for questioning by the police in February and March, but was released after a remand order was rejected.

Datuk Seri Dr Wan Junaidi Tuanku Jaafar said the suspect had used an automobile company here to resell the cars to a third party.

"So far, police have recovered 24 cars ranging from Alphards, Volkswagen, Mercedez-Benz and BMW," the Deputy Home Minister told reporters at Parliament lobby today.

He said that investigations revealed that the "good-looking" suspect was using a fake “Datuk Seri” title.

"The suspect was managing the company, which was registered under his wife and daughter's name," Wan Junaidi added.

Under the scam, he said the company would offer the car owners to resell their vehicles after the new owners agreed to continue their loan repayments or after settling any outstanding payments.

"However, if there were no buyers, the company would store the cars for a month or two and resell their cars to second-hand car dealers, " he said, adding there were also instances where false details of identity cards were used for the dubious transactions.

Wan Junaidi said the suspect and his accomplices are likely to face eight charges, which includes cheating.

"The case is still being investigated and the police are finalising their investigation papers before submitting it to the Attorney-General’s Chambers for further action," he added.

He advised car owners, whose cars are under hire-purchase agreements, not to resell their vehicles to a third party, unless permission is given by the finance companies for such deals.

Wan Junaidi refuted claims by victims that police were not doing anything to detain the suspect or recover their vehicles.