KUALA LUMPUR: Police have started investigations into alleged irregularities in Maika Holdings Berhad, the investment arm of the MIC.
A team from the Federal police commercial crimes division visited the Maika office in Jalan Rahmat off Jalan Tun Ismail here, where they were said to have seized several documents.
The documents pertained to the corporation's businesses and activities in investment holding, property management and others.
At least two officers and several detectives went into the office during the 3pm raid following numerous police reports lodged against Maika by shareholders recently.
Federal commercial crimes division director Deputy Comm Datuk Hairuddin Mohamad confirmed that his officers went to the Maika office.
It is part of our investigations. It is a normal procedure, he said, declining to elaborate.
Maika was set up 21 years ago as an investment arm of the MIC to uplift the economic status of Indians.
It collected RM106mil from investors since 1984 and issued share certificates to 66,000 shareholders, mostly labourers and estate workers.
Many of them, who had given their entire life savings to Maika, are yet to get returns.
The issue of Maika funds cropped up when hundreds of shareholders lodged nationwide reports that poor management had led to the company's downfall.
They urged authorities to investigate the company's status following news reports that Maika was being wound up.
According to a newspaper advertisement on Sept 5, Buildcon Concrete Sdn Bhd filed a petition at the Kuala Lumpur High Court's commercial division on July 16.
The hearing was initially fixed for Oct 9 but was later postponed to March 11 next year.
Did you find this article insightful?