MACC investigates RM300 million investment fraud, freezes 14 accounts and searches five premises in a case involving a Tan Sri.
PUTRAJAYA: The Malaysian Anti-Corruption Commission has opened two investigation papers into the alleged misappropriation of nearly RM300 million in investment funds.
A source said the MACC arrested two individuals and searched five premises in the Klang Valley this week.
Initial probes found that between 2021 and 2024, about 1,700 investors channelled funds into two companies.
“The collected funds were believed to have been misappropriated and spent for purposes other than those agreed upon with the investors,” the source said.
The source added that a Tan Sri involved allegedly used his position to attract public investment.
MACC Chief Commissioner Tan Sri Azam Baki confirmed the investigation is focusing on tracing the flow of funds for recovery.
“The investigation also involves the expertise of the MACC’s Financial Analysis Division and Anti-Money Laundering Division,” he said.
Azam said 14 individual and company accounts have been frozen to aid the probe.
“The MACC is still awaiting feedback from the banks on the account balances and expects that more accounts will be frozen,” he added.
The commission stressed its commitment to a professional investigation given the substantial sum and public interest.
Media reports stated the MACC obtained a four-day remand order against the Tan Sri at the Putrajaya Court.
The man in his 60s, an Islamic finance expert and company owner, was detained after attending the MACC headquarters on Wednesday.
