PUTRAJAYA: The Malaysian Anti-Corruption Commission (MACC) has opened two investigations into the alleged misappropriation of nearly RM300mil in investment funds linked to an individual with the title Tan Sri.
According to a source, the MACC arrested two individuals and conducted searches at five premises in the Klang Valley on Wednesday and Thursday to assist in the probe.
“Initial investigations found that between 2021 and 2024, nearly RM300mil was collected from about 1,700 investors for investment in two companies.
“However, checks revealed that the collected funds were believed to have been misappropriated and spent for purposes other than those agreed upon in the agreement with the investors,” the source said, as reported by Bernama.
The Tan Sri involved is alleged to have used his position and influence to attract and influence the public to invest in the scheme.
MACC chief commissioner Tan Sri Azam Baki (pic) confirmed that the investigation is currently focusing on tracing the flow of the misappropriated funds for recovery.
“The investigation also involves the expertise of the MACC’s Financial Analysis Division and Anti-Money Laundering Division,” he said.
According to Azam, 14 individual and company accounts have so far been frozen to aid the investigation and prevent the movement of funds suspected of being linked to the case.
“The MACC is still awaiting feedback from the banks on the account balances and expects that more accounts will be frozen once the process of tracing the flow of funds is completed,” he added.
MACC stressed its commitment to conducting a professional and firm investigation, given that the case involves a substantial sum of money and is of public interest.
Media reports previously stated that MACC obtained a four-day remand order, effective Friday, against the Tan Sri in question at the Putrajaya Court to facilitate further investigations.
The Tan Sri, in his 60s, who is also the owner of a private company and an expert in Islamic finance, was detained after he turned up at the MACC headquarters here on Wednesday.
Azam said the case originated about two years ago and involved several ambiguous investment schemes that promised high returns. These schemes are also suspected of being linked to additional legal violations.
He said that any investment made by a company must secure approval from the Securities Commission, given the existing laws and the oversight provided by the relevant authorities.
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.
