KOTA BARU: A man with the title “Tan Sri” was among two people arrested by the Malaysian Anti-Corruption Commission (MACC) on suspicion of involvement in a large-scale investment fraud of more than RM300mil in Kuala Lumpur.
Based on information received, MACC chief commissioner Tan Sri Azam Baki said the individuals are believed to be involved in large-scale fraudulent activities that fall under the commission’s investigative jurisdiction.
He said the fraud involved issues affecting the public, with many investors suffering losses amounting to millions of ringgit.
“We have gone after the individuals involved in this case. This is our responsibility and our duty,” he said at a press conference after the Corruption Awareness Programme: MACC with Eastern Zone Media here yesterday, Bernama reported.
Azam said the Tan Sri was arrested on Wednesday and remanded for four days starting yesterday after being detained at the MACC headquarters in Putrajaya, while a female suspect in her 50s, who is a board member of his company, was arrested on Tuesday.
“He (the Tan Sri) came to the office and we immediately arrested him, after which we proceeded to record his statement as a detained person,” he said, adding that the suspect is from the private sector and the case has been classified as an economic crime.
He said the case involves investment funds that were subsequently misappropriated.
Azam said the case occurred about two years ago and involved various unclear investment schemes that promised high returns and are also believed to involve other legal offences.
He said any investment to be undertaken by a company should obtain approval from the Securities Commission, as there are laws in place and oversight by the relevant authorities.
“The Tan Sri’s company did not have approval, yet the public continued to believe. In our country, there are still many who believe in such schemes even though this keeps happening,” he said.
As such, Azam advised the public not to be easily persuaded by investment schemes and to verify with the authorities before investing, noting that some victims suffered losses of up to RM4mil.
“This Tan Sri, who cheated Malaysians nationwide, is in his late 60s and a well-known figure,” he said.
On another matter, Azam said the MACC has tasked its Multi-Agency Task Force with recovering RM10bil in misappropriated funds and state revenue losses this year.
He said achieving this target requires all relevant enforcement agencies to intensify efforts to recoup lost revenue, with a particular focus on curbing smuggling operations.
“There is widespread smuggling. Agencies must pursue all avenues to address it as this directly deprives the state of tax revenue,” he noted.
Azam also said they are closely monitoring several ministries for any procurement irregularities.
He said the monitoring began at the Defence Ministry (Mindef) following the openness and support demonstrated by Defence Minister Datuk Seri Mohamed Khaled Nordin.
“There are several ministries on our radar that we see as having procurement-related issues,” Azam said.
He said they have deployed four additional integrity officers for a joint exercise with Mindef to address procurement leaks, an issue that he stressed requires serious attention as it concerns safeguarding public funds.
“It is necessary for both the MACC and the ministry to conduct a study, review, and audit. We must sit together to examine leaks and weaknesses in standard operating procedure,” he said.
Azam added that Mohamed Khaled had agreed to involve relevant experts to examine how leaks occur and identify cost-saving methods to ensure all purchases are conducted transparently and with integrity.
