KUALA LUMPUR, MALAYSIA - The woman mastermind of the get-rich-quick scheme busted on Tuesday night is believed to own assets worth about RM10 million (S$4280000).

Federal Commercial Crime Investigation Department assistant director (operations/intelligence) Assistant Commissioner Rohaimi Md Isa said the woman had been identified and was being watched closely by the police.

It is learnt that the police need to gather more information about the woman and her activities before taking her into custody.

She and her 59 "colleagues", who are currently under remand, lived the high life -- driving expensive cars, having overseas holidays and flaunting expensive clothing -- to impress "new recruits". Asked if the assets of the 59 suspects would be frozen, Rohaimi said it was still too early to do so.

"The suspects have just been remanded and it depends on the outcome of the investigations.

"If the investigations reveal that they had indeed amassed their assets through fraudulent means, we will not hesitate to freeze them.

"We believe their assets amount to tens of millions of ringgit."

The group's activity came to an end on Tuesday night when the police and officers from the Ministry of Domestic Trade, Cooperatives and Consumerism raided its premises at Sunway Mentari business centre and rounded up about 100 people who had gathered there for a meeting.

The 100, including the 59 "colleagues", have been remanded until today.

Also seized were 17 luxury cars of various makes -- BMWs, a Nissan Fairlady, a Mitsubishi Lancer and a GTR Skyline -- which the members used to lure people into investing.

The scheme mostly targeted civil servants who earned less than RM2,000 (S$856) a month.

Members of the scheme were required to pay an initial sum of RM41,000 (S$17548) and recruit new members.

The members also arranged bank loans for new recruits who could not come up with the big sum, with the documentation taken care of by the former.

It is learnt that members who recruited new people would get a fraction of what they had invested, while those who failed to do so would get nothing.

On top of getting nothing in return, they would also have to service the monthly payments for the bank loans which they had acquired.