Photo courtesy of Sinar Harian.
PUTRAJAYA: Four company directors were among five arrested by the Malaysian Anti-Corruption Commission (MACC), in connection with a suspected fraud case totalling RM104mil involving public investment funds.
According to a source, the individuals - four men and one woman between the ages of 50 and 60 years old - were detained at around 7pm Tuesday (Jan 14), after appearing for questioning at the MACC headquarters here.
"MACC received several complaints and information regarding criminal activities involving a licensed trust company under the Finance Ministry and Bank Negara," the source told Bernama.
The company is accused of using funds collected from investors for the personal benefit of those involved in the criminal activities, with the sum reportedly misappropriated and channelled to several private companies owned by proxies, the source added.
All five individuals are now in remand for seven days until Jan 21, after Magistrate Irza Zulaikha Rohanuddin approved MACC’s application at the Magistrate's Court Wednesday (Jan 15).
Meanwhile, MACC chief commissioner Tan Sri Azam Baki confirmed the arrests, which were part of an operation dubbed "Ops Trust".
He said the investigation is being conducted under Section 18 of the MACC Act 2009.
The modus operandi of the activity requires specialised expertise among MACC officers to trace the financial flow, he said.
He added that the investigation aims to help the government strengthen public trust in regulatory bodies that issue licenses to trust companies, while creating a clean and secure platform for potential investors. - Bernama
