PETALING JAYA: Businessman Victor Chin Boon Long claims that ongoing investigations have resulted in widespread account freezes affecting individuals and businesses linked to him, including those with no direct involvement in the probe.
In a statement Thursday (March 19), Chin claimed that the police actions created a situation where “anyone who knows” him risks having their bank accounts frozen.
He said more than 500 accounts have allegedly been affected, including those belonging to individuals and entities that had only transacted in shares of MMAG Holdings Bhd, NexG Bhd and NexG Bina Bhd.
Chin claimed that many affected accounts were linked to legitimate business activities and fundraising exercises approved by Bursa Malaysia.
He also alleged that freezing the accounts contributed to a sharp decline in the companies' share prices in mid-October 2025, coinciding with the start of investigations against him.
“The repercussions of being subjected to AMLA action are massive. It is not merely about freezing an account, but it creates long-term consequences for individuals and businesses.
“The affected parties could face difficulties in securing financing or maintaining banking relationships,” he said.
Chin said he had cooperated fully with authorities, including returning to Kuala Lumpur to provide his statement on Dec 29, 2025, and complying with all legal requirements.
Despite this, he claimed enforcement actions, including raids and account freezes, were carried out without sufficient due diligence and had impacted innocent parties.
He also raised concerns over alleged inconsistencies in enforcement, claiming that some accounts were selectively unfrozen to facilitate share transactions before being frozen again.
Chin called on Inspector-General of Police Mohd Khalid Ismail to ensure investigations are conducted fairly and without external interference.
He also urged regulators, including the Securities Commission, to look into alleged irregularities involving account freezes and share transfers, warning that such developments could undermine investor confidence.
Separately, Chin apologised to friends, business associates and investors who he said had been affected due to their association with him.
