KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has opened two investigation papers involving a man bearing the title “Tan Sri” over his alleged involvement in a large-scale investment fraud amounting to more than RM300mil.
Sources informed that MACC had arrested two individuals and carried out searches at five premises around the Klang Valley on Jan 21 and 22 following information received.
In addition, preliminary investigations found that between 2021 and 2024, nearly RM300mil had been collected from about 1,700 investors for investment purposes involving two companies.
However, checks revealed that the funds collected were misappropriated and spent on purposes other than those agreed upon in the investment agreements with the investors,” he said.
Sources also informed that the investigation revealed the Tan Sri had allegedly used his position and influence to attract and convince investors to invest.
MACC chief commissioner Tan Sri Azam Baki confirmed that investigations are now focusing on tracing the flow of the misappropriated funds for recovery.
“This investigation also involves the expertise of the MACC’s Financial Analysis Division and its Anti-Money Laundering Prevention Division,” he said.
He also said that 14 personal and company bank accounts have been frozen.
“MACC is still awaiting feedback from banks regarding the balances in the accounts and expects more accounts to be frozen once the money-tracing process is completed.
“MACC remains committed to conducting the investigation professionally and firmly, as the case involves a substantial amount of money and is of public interest,” he added.
